The S&P Case-Shiller Home Price Index increased 1.6% in May (consensus 1.3%) from an upwardly revised prior reading of 1.2% (from 1.1%).
The FHFA Housing Price Index increased 0.3% in May (consensus 0.0%), from a prior decrease of 0.1%.
FHFA YoY rose 2.2% vs 2.0% last month.
CaseShiller seasonally adjusted YoY housing prices change 1.6% versus 1.3% estimate
Prior month 1.2% revised from 1.1%
YoY 1.6% versus 1.3% expected
MoM 0.2% versus 0.1% expected
MoM not seasonally adjusted 0.9% versus 1.0% prior month
With inflation at 4.2%, home prices continue to decline in real (inflation-adjusted) terms.
Price performance remains uneven across the country, with the Northeast and Midwest outperforming while many Western and Sunbelt markets continue to weaken.
Chicago led annual gains for the third straight month (+6.9%), followed by New York (+4.2%) and Cleveland (+3.1%).
Las Vegas (-1.9%) posted the largest annual decline, with Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%) also falling.
The strength in traditional urban markets may reflect a growing return-to-office trend supporting demand.
Housing affordability remains a major challenge as 30-year mortgage rates averaged 6.5%, far above the ultra-low rates seen in recent years. Elevated mortgage rates and persistent inflation continue to restrain buyer demand, keeping housing activity subdued and eroding real home values.