Home prices increased 5.9% in May compared to the same month a year ago, down from a 6.4% rise the previous month, according to the S&P CoreLogic Case-Shiller Index. The 10-city composite rose 7.5% year over year compared to an 8.1% increase the previous month. The 20-city composite increased 6.9% year over year, down from a 7.3% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with an 9.4% increase in May, followed by San Diego and Las Vegas with increases of 9.1% and 8.6%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices were unchanged in May compared to the previous month. Home prices were up 5.7% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
