CoreLogic® has released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for May 2020. The index is reporting that home prices rose 4.5% year-over-year, but were down -0.1% from April’s reported 4.6%. Craig Lazzara, managing direct and global head of index investment strategy at S&P Dow Jones Indices, however cautions, “More data will obviously be required in order to know whether May’s report represents a reversal of the previous path of accelerating prices or merely a slight deviation from an otherwise intact trend. Even if prices continue to decelerate, that is quite different from an environment in which prices actually decline.” Home prices in the 10-city composite increased 3.1% annually, down from 3.3% in the previous month. The 20-city composite rose 3.7% year over year, down from 3.9% in April (Detroit was excluded from the composite due to data collection issues).
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Home prices rose at a slower rate in May, according to S&P Case-Shiller