Home Prices Increased in May

The 20-City CoreLogic Case-Shiller Composite Index increased 5.2 percent year-over-year in May, down from 5.4 percent in April. The 10-City Composite Index increased 4.4 percent annually, down from a 4.7 percent increase in the previous month. The National Index, which covers all nine Census divisions increased by 5.0 percent, unchanged from April.

On a seasonally adjusted monthly basis, the 20-City Composite increased by 0.9 percent, the 10-City Composite increased by 0.8 percent and the National Index increased by 1.2 percent.

“In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Regional patterns seen in home prices are shifting. Over the last year, the Pacific Northwest has been quite strong while prices in the previously strong spots of San Diego, San Francisco and Los Angeles saw more modest increases.”

Monthly home prices rose in twelve of the twenty cities covered by the index. Portland saw the largest gain with prices increasing 0.7 percent on a seasonally adjusted basis. In contrast, prices in San Francisco fell by 1.3 percent.

Read the S&P release.