Case-Shiller: National House Price Index Up 1.1% year-over-year in May
FHFA House Prices Up 0.3% in May; Up 2.2% Year-over-year
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). March closing prices include some contracts signed in January, so there is a significant lag to this data. Here is a graph of the month-over-month (MoM) change in the Case-Shiller National Index Seasonally Adjusted (SA).
The National index decreased 0.05% month-over-month (MoM) seasonally adjusted. This was the 3rd consecutive month with a MoM decline,
FHFA House Price Index Up 0.3% in May; Up 2.2% Year-over-Year
Note: The FHFA HPI is used to set the confirming loan limits.
On the FHFA index: FHFA House Price Index® Up 0.3 Percent in May; Up 2.2 Percent from Last Year
U.S. house prices rose nationwide in May, up 0.3 percent from the previous month, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI®). House prices rose 2.2 percent from May 2025 to May 2026. The previously reported 0.1 percent price decline in April remained unchanged.
For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.6 percent in the Pacific division to +1.4 percent in the East South Central division. The 12-month changes ranged from -0.3 percent in the Pacific division to +4.5 percent in the Middle Atlantic division.
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Case-Shiller House Prices
From S&P S&P Cotality Case-Shiller Index Reports Annual Gain in May 2026
The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.1% annual gain for May 2026, up from a 0.9% rise in the previous month.
For the 12th consecutive month, U.S. home values fell in real terms, as May’s 4.2% inflation ran roughly 3 percentage points above the 1.1% home price gain.
A nearly 9 percentage-point gap separated May’s strongest market (Chicago +6.9% YoY) and its weakest (Las Vegas -1.9% YoY), underscoring a stark regional divergence in home price trends. ...
“May’s data suggests that U.S. home prices continue to decline in real terms, with the S&P Cotality Case-Shiller National Home Price Index up a modest 1.1% year over year,” said Rebecca Kaufman, Associate Director of Commodities at S&P Dow Jones Indices. “At the same time, inflation peaked at 4.2% in May, its highest level in over three years. Even on a nominal basis, the market remains noticeably weaker than a year ago. In May 2025, the National Home Price Index was up 2.4% year over year.
“The geographic dispersion of home price trends continues to persist,” Kaufman continued. “While major metropolitan areas in the Northeast and Midwest recorded year-over-year gains exceeding the national average, many metropolitan areas in the West and Sunbelt regions remain under pressure.
“For the third consecutive month, Chicago led all metros with a 6.9% annual increase in May, followed by New York (4.2%) and Cleveland (3.1%). In contrast, Las Vegas posted the largest decline, falling 1.9% year over year, with Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%) also registering notable losses.
“This divergence may reflect shifting post-pandemic housing dynamics, including a growing return-to-office mandate that appears to be supporting traditional urban markets.
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The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, recorded a 1.1% annual increase in May 2026. The 10-City and 20-City Composites reported year-over-year increases of 2.4% and 1.6%, respectively.
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The pre-seasonally adjusted 10-City Composite and 20-City Composite Indices recorded monthly gains of 0.9%, while the U.S. National Index posted a 0.6% gain.After seasonal adjustment, the U.S. National reported a monthly decrease of 0.05% while the 10-City and 20-City Composite Indices posted 0.3% and 0.1% gains, respectively.
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This 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 was up 0.3% in May (SA). The Composite 20 index was up 0.1% (SA) in May. The National index was down 0.05% (SA) in May.
The Composite 10 NSA was up 2.4% year-over-year. The Composite 20 NSA was up 1.6% year-over-year. The National index NSA was up 1.1% year-over-year.
Annual price changes were close to expectations.
And a few things to watch …
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