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
Advocacy
Oct 21, 2026
NAHB Invests $47K in State and Local Advocacy Efforts
During the Fall Leadership Meeting in Detroit, the State and Local Government Affairs Committee approved $47,000 through the State and Local Issues Fund to help HBAs reduce barriers to housing attainability.
Workforce Development
Oct 20, 2026
Maryland HBA and Local Partners Show Students Where Construction Can Lead
For Maryland students and young adults deciding their next steps, the Frederick County Building Industry Association’s goal is to help them see how many different paths to success are available in residential construction.
Latest Economic News
Economics
Oct 21, 2026
Nearly One in Three Construction Workers are Hispanic
Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. According to NAHB analysis of the 2024 American Community Survey, non-Hispanic White workers account for the majority of the construction industry at 55.8%. Hispanic workers now represent nearly one-third of the labor force at 32.8%, followed by non-Hispanic Black workers at 5% and non-Hispanic Asian workers at 1.8 %.
Economics
Oct 21, 2026
Market Share for Modular and Other Non-Site Built Housing in 2025
The total market share of non-site-built single-family homes (modular and panelized) was just 3% of single-family homes in 2025, according to NAHB analysis of completion data from the U.S. Census Bureau’s Survey of Construction (SOC).
Economics
Oct 20, 2026
Single-Family Starts Down as Affordability Challenges Persist
Single-family housing starts declined in September as builders faced higher financing, building material costs, and ongoing labor shortages.