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Case-Shiller: National House Price Index Decreased 0.5% year-over-year in May


S&P/Case-Shiller released the monthly Home Price Indices for May (“May” is a 3-month average of March, April and May closing prices).

This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.

From S&P S&P CoreLogic Case-Shiller Index Repeats Gains in MayThe S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a -0.5% annual decrease in May, down from a loss of -0.1% in the previous month.
The 10-City Composite showed a decrease of -1.0%, which is a tick up from the -1.1% decrease in the
previous month. The 20-City Composite posted a -1.7% year-over-year loss, same as in the previous

Before seasonal adjustment, the U.S. National Index posted a 1.2% month-over-month increase in
May, while the 10-City and 20-City Composites both posted increases of 1.5%.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while
the 10-City Composite gained 1.1% and 20-City Composites posted an increase of 1.0%.

“The rally in U.S. home prices continued in May 2023,” says Craig J. Lazzara, Managing Director at
S&P DJI. “Our National Composite rose by 1.2% in May, and now stands only 1.0% below its June
2022 peak. The 10- and 20-City Composites also rose in May, in both cases by 1.5%.

“The ongoing recovery in home prices is broadly based. Before seasonal adjustment, prices rose in all
20 cities in May (as they had also done in March and April). Seasonally adjusted data showed rising
prices in 19 cities in May, repeating April’s performance. (The outlier is Phoenix, down 0.1% in both
months.) On a trailing 12-month basis, the National Composite is 0.5% below its May 2022 level, with
the 10- and 20-City Composites also negative on a year-over-year basis.

“Regional differences continue to be striking. This month’s league table shows the Revenge of the
Rust Belt, as Chicago (+4.6%), Cleveland (+3.9%), and New York (+3.5%) were the top performers.
emphasis added
Click on graph for larger image.

The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).

The Composite 10 index is up 1.1% in May (SA) and down 1.6% from the recent peak in June 2022.

The Composite 20 index is up 1.0% (SA) in May and down 2.3% from the recent peak in June 2022.

The National index is up 0.7% (SA) in May and is down 1.0% from the peak in June 2022.

The second graph shows the year-over-year change in all three indices.

The Composite 10 SA is down 1.1% year-over-year.  The Composite 20 SA is down 1.8% year-over-year.

The National index SA is down 0.5% year-over-year.

Annual price changes were at expectations.  I’ll have more later.

Tuesday: Case-Shiller House Prices

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