U.S. home-price growth cooled further in May, with the Federal Housing Finance Agency’s House Price Index slipping 0.2% from April after a 0.4% drop the prior month. The annual rate eased to 2.8%, its weakest pace in nearly two years. The S&P CoreLogic Case-Shiller 20-city composite likewise fell 0.34% on the month, a sharper decline than the 0.20% economists expected. Year-over-year, prices in the 20 major metropolitan areas rose 2.79%, down from 3.42% in April, while the broader national gauge slowed to 2.25% from 2.72%. The back-to-back monthly declines and moderating annual gains suggest the housing market is losing momentum amid elevated borrowing costs, offering tentative relief to buyers after two years of rapid appreciation.
Case Shiller Home Price Index YoY slipped to 2.8% in May, lowest since August 2023 FHFA house price index falls more than expected in May, down to 2.8%, lowest in more than a decade https://t.co/EI5y8ZfvjH
US S&P CoreLogic CS 20-City (M/M) SA May: -0.34% (est -0.20%; prev -0.31%; prev R -0.34%) - S&P CoreLogic CS 20-City (Y/Y) NSA: 2.79% (est 2.91%; prev 3.42%; prev R 3.44%) - S&P CoreLogic CS US HPI (Y/Y) NSA: 2.25% (prev 2.72%; prev R 2.73%)
US FHFA House Price Index May: -0.2% (est -0.2%; prev -0.4%; prevR -0.3%)