“Broad-Based Moderation Continues” in Home Prices
The S&P CoreLogic Case-Shiller Home Price Index (HPI) posted a 3.4% annual gain in May, down from 3.5% the previous month.
The 10-City Composite annual increase came in at 2.2%, down from 2.3% in April. The 20-City Composite reported a 2.4% year-over-year gain, down from 2.5%.
|Prior||Consensus Forecast||Forecast Range||Result|
|20-city, SA – M/M||0.0%||0.2%||0.2% to 0.3%||0.1%|
|20-city, NSA – M/M||0.8%||0.6%||0.5% to 0.6%||0.6%|
|20-city, NSA – Yr/Yr||2.5%||2.4%||2.3% to 3.5%||2.4%|
“Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so and a broad-based moderation continued,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices.
“Among 20 major U.S. city home price indices, the average YOY gain has been declining for the past year or so and now stands at the moderate nominal YOY rate of 3.1%.”
Las Vegas, Phoenix and Tampa posted the highest year-over-year increases. In May, Las Vegas led with a 6.4% year-over-year price gain, followed closely by Phoenix at 5.7%, and Tampa at 5.1%.
Seven (7) of the 20 cities posted larger price gains in the year ending May 2019 versus the year ending April 2019.