US Home Price Gains Continued to Slow in May 2022

On Tuesday (7-27-22), S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for May. The Index, which covers all nine US Census divisions, reported that home prices experienced a 19.7% annual gain in May—down from 20.6% annual gain in April. This is the second consecutive month of home price deceleration.

The 10-City Composite annual increase came in at 19.0%, down from 19.6% in the previous month. The 20-City Composite posted a year-over-year gain of 20.5% in May, down from 21.2 % in April of 2022.

The highest year-over-year gain among the top 20 cities in May was led by Tampa at 36.1%, followed by Miami with a 34.0% increase and Dallas with a 30.8% increase. Four of the 20 cities reported higher price increases in the year ending May 2022 versus the year ending April 2022.

Before seasonal adjustment, the US National Index posted a 1.5% month-over-month increase in May, while the 10-City and 20-City Composites posted increases of 1.4% and 1.5%, respectively. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.0%, and the 10-City and 20-City Composites both posted increases of 1.3%. In May, all 20 cities reported increases before and after seasonal adjustments