Case-Shiller national home prices rose 1.1% annually in May, up from April
August 3, 2026S&P Cotality Case-Shiller Home Price Index: In May, the S&P Cotality Case-Shiller U.S. National Home Price Index recorded a 1.1% annual gain, up from a 0.9% rise in April. The 10-City Composite increased 2.4%, up from a 1.8% gain the previous month, while the 20-City Composite moved up 1.6% year-over-year, up from 1.2% in April. Chicago again posted the highest annual gain at 6.9%, followed by New York at 4.2% and Cleveland at 3.1%. Meanwhile, Las Vegas posted the lowest annual return, with prices falling 1.9%.
On a month-over-month basis, the U.S. National Index advanced 0.6% before seasonal adjustment. At the same time, the 10-City and 20-City Composites both stepped up 0.9%. After seasonal adjustment, the National Index edged down less than 0.1%, while the 10-City and 20-City Composites increased, ticking up 0.3% and 0.2%, respectively. The Northeast and Midwest continued to outperform other regions, although the market remains weaker than a year ago. At the same time, in addition to Las Vegas, Seattle (down 1.8%), Denver (down 1.8%), Tampa (down 1.6%), Phoenix (down 1.3%), Dallas (down 0.9%) and Portland (down 0.8%) exhibited declines in May.
The spring season continued to see a slight lift in prices as 13 of the 20 major U.S. housing markets recorded year-over-year price growth. Mortgage rates rose to 6.5% in May, continuing to hurt affordability and stunt demand. Further, home price growth remained constrained and continued to fall in real terms as inflation remains elevated.
