Home price growth fell under 20% for the first time since February, according to the latest Case-Shiller report…(Case-Shiller)
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.7% annual gain in May, down from 20.6% in the previous month.
- M-O-M: The U.S. National Index posted a 1.5% month-over-month increase in May, down from 2.1% in the previous month.
ECONOMISTS had projected that the 20-city composite index would fall to 20.6% from the record high of 21.2% in April. The index actually fell more than expected to 20.5%.
Tampa was the fastest growing city for the third consecutive month with 36.1% y-o-y growth in May. Miami was not far behind with 34.0% growth and Dallas fought its way into the top three with a gain of 30.8%.
- NOTE: Phoenix, which was the top city for almost three years straight, fell out of the top 3 in May.
Craig J. Lazzara, Managing Director at S&P Dow Jones Indices, said that even though price growth is slowing the double-digit growth continues to remain broad-based. “We continue to observe very broad strength in the housing market, as all 20 cities notched double-digit price increases for the 12 months ended in April. April’s price increase ranked in the top quintile of historical experience for every city, and in the top decile for 19 of them.”
Two months of slowing is definitely something that was expected and is welcome. We have not seen two months of decline since before the pandemic and this is now the lowest year-over-year and month-over-month gain since January.