Home prices increased 1.1% in May compared to the same month a year ago, up from a 0.9% rise the previous month, according to the S&P Cotality Case-Shiller Index. The 10-city composite rose 0.3% year over year. The 20-city composite increased 0.2% year over year. Chicago reported the highest year-over-year gain among the 20 cities with a 6.9% increase, followed by New York City at 4.2% and Cleveland at 3.1%.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.3% in May compared to the previous month. Home prices were up 2.2% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.









