Home Price Gains Moderate for Third Straight Month

House Prices
Published

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.

Subscribe to NAHBNow

Log in or create account to subscribe to notifications of new posts.

Log in to subscribe

Latest from NAHBNow

Economics

Oct 17, 2025

How Diverse Is the Construction Workforce?

Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. The most notable trend has been the steady rise of Hispanic participation, according to the American Community Survey.

Codes and Standards | Resiliency

Oct 16, 2025

Are Today’s Building Codes Enough to Improve Home Resilience?

In the face of rapidly increasing losses from natural disasters, many housing advocates are pushing for more stringent building codes to make homes more resilient to disaster. But is that the best path forward?

View all

Latest Economic News

Economics

Oct 17, 2025

Better Growth, Larger Deficits: CBO Fiscal Outlook

The Congressional Budget Office (CBO) is a key nonpartisan score keeper that measures the effects of policy changes by the Federal Government. With several policy changes since January of this year, including the One Big Beautiful Bill Act (OBBBA), stricter immigration, and higher tariffs, the CBO updated its economic projections through 2028.

Economics

Oct 16, 2025

Amid Market Challenges, Builder Expectations Rise in October

Even as builders continue to grapple with market and macroeconomic uncertainty, sentiment levels posted a solid gain in October as future sales expectations surpassed the 50-point breakeven mark for the first time since last January.

Economics

Oct 15, 2025

Builders Stay Cautious as Single-Family Permits Weaken

In August, single-family permit activity softened, reflecting caution among developers amid persistent economic headwinds. This trend has been consistent for eight continuous months.