S&P CoreLogic Case-Shiller US National Home Price Index Increased Month-Over-Month in May

On Tuesday (7-25-23), S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for May. The Index shows all 20 major metro markets reported month-over-month price increases—the third consecutive month of growth.

The Index, covering all nine US Census divisions, reported a year-over-year decrease of 0.5% in May, down from a loss of 0.1% posted in April. Year-over-year, the 10-City Composite posted a 1.0% decline, a tick up from the 1.1% decline posted in April. The 20-City Composite posted a 1.7% year-over-year loss, unchanged from the previous month.

Chicago, Cleveland, and New York reported the highest year-over-year gains among the 20 cities in May. Chicago led the way with a 4.6% year-over-year price increase, while Cleveland came at number two with a 3.9% increase and New York entered the top three with a 3.5% increase. There was an even split of 10 cities reporting lower prices and those reporting higher prices in the year ending in May compared to the year ending in April.

Before seasonal adjustment, the US National Index posted a 1.2.% month-over-month increase in May, while both the 10-City and 20-City Composites both posted increases of 1.5%. After seasonal adjustment, the US National Index posted a month-over-month increase of 0.7%, while the 10-City Composite posted a 1.1% gain and the 20-City Composite posted an increase of 1.0%.