News

In May, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 2.3% annual gain, down slightly from 2.7% in April. The 10-City Composite saw an annual increase of 3.4% in May, down from 4.1% the previous month, while the 20-City Composite rose 2.8% year-over-year, down from 3.4%. Among the 20 cities, New York again posted the highest annual gain at 7.4%, followed by Chicago at 6.1% and Detroit at 4.9%. Tampa again recorded the lowest annual return, with prices falling 2.4%.

On a month-over-month basis, the U.S. National Index as well as the 10-City and 20-City Composites all increased 0.4% before seasonal adjustment. Meanwhile, after seasonal adjustment, the National Index posted a decrease of 0.3%, and the 10-City and 20-City Composites also dropped 0.3%. This marks the third consecutive month of seasonally adjusted declines for the National Composite Index.

Even while most cities registered nominal gains, only four cities—Cleveland, Minneapolis, Charlotte and Tampa—showed month-over-month acceleration. As they have for all of 2025, the Midwest and Northeast continue to lead price growth, while the Western region posted small or negative gains over the month. Cities that saw pandemic highs but now experience persistent weakness include Los Angeles (up 1.1%), San Diego (up 0.4%), Phoenix (up 0.9%) and San Francisco (down 0.6%).

Affordability and inventory are still constrained, and home prices are holding steady—for now. Seasonal momentum is weaker than expected and impacted by higher mortgage rates. The market is recalibrating in response to strained financial conditions, subdued transaction volumes and increasing local dynamics.