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Home Economy

Home prices rose in May

July 30, 2024
Reading Time: 1 min read
Existing homes sales fell 4.3% in March 

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.

Tags: Case-ShillerExisting home prices
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