Home Price Gains Moderate for Third Straight Month
Home prices experienced a third year-over-year deceleration in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI). On a year-over-year basis, the non-seasonally adjusted (NSA) index posted a 5.94% annual gain in May, down from a 6.39% increase in April. The index had seen steady increases in year-over-year growth since June 2023. But this growth rate began slowing in March 2024 and has continued to decelerate through May.
The HPI increased at a seasonally adjusted annual rate of 3.09% for May, following a revised rate of 3.91% in April. May marks the 16th consecutive monthly increase; home prices have not seen an outright decrease since January 2023.
Onnah Dereski, NAHB economic services manager, delves into specifics for each census division in this Eye on Housing post.
Latest from NAHBNow
Economics
Mar 16, 2026
Builder Sentiment Inches Higher but Affordability Concerns PersistBuilder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor.
Advocacy
Mar 14, 2026
Trump’s Executive Orders on Housing Would Ease Affordability CrisisPresident Trump on March 13 issued two executive orders on housing to remove regulatory barriers and provide better access to mortgage credit that will help ease the nation’s housing affordability crisis.
Latest Economic News
Economics
Mar 16, 2026
Builder Sentiment Inches Higher but Affordability Concerns PersistBuilder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor.
Economics
Mar 16, 2026
Small Gains for New Single-Family Home SizeNew single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached historic lows. However, as mortgage interest rates increased in 2022 and 2023 and affordability worsened, demand shifted back toward smaller homes.
Economics
Mar 13, 2026
Flat Conditions for Open Construction JobsThe number of open positions in construction in January was flat year-over-year, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity, particularly in housing.