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
Feb 09, 2026
House Passes NAHB-Supported Major Housing PackageThe House this evening approved the Housing for the 21st Century Act, a major bipartisan housing package that takes much-needed steps toward addressing our nation’s critical lack of housing.
Economics
Feb 09, 2026
The Housing Shortage, Explained by 2024 DataPersistently low homeowner and rental vacancy rates indicate that the U.S. housing market remains structurally undersupplied.
Latest Economic News
Economics
Feb 10, 2026
Weaker Demand, Unchanged Lending Conditions for Residential Mortgages in Fourth QuarterLending standards for most types of residential mortgages were essentially unchanged but overall demand was weaker in the fourth quarter of 2025, according to the recent release of the Senior Loan Officer Opinion Survey (SLOOS).
Economics
Feb 09, 2026
Lower Rates Lift Mortgage Activity at Start of the YearMortgage application activity rose sharply in January, driven primarily by a surge in refinancing activity as mortgage rates declined to a new low. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, increased 12.9% from December on a seasonally adjusted basis and was 61.3% higher than a year earlier.
Economics
Feb 06, 2026
The Size of the Housing Shortage: 2024 DataPersistently low homeowner and rental vacancy rates indicate that the U.S. housing market remains structurally undersupplied.