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
Aug 18, 2026
Housing Starts Retreat on Market Headwinds
Overall housing starts decreased 12.4% in July to a seasonally adjusted annual rate of 1.24 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Energy
Aug 17, 2026
HUD Releases New HOME and HTF Energy Standards Following NAHB Win
Following key code victories secured by NAHB earlier this year, HUD has revised the energy standards that HOME Investment Partnerships Program (HOME) Participating Jurisdictions and Housing Trust Fund (HTF) grantees must meet for newly constructed housing.
Latest Economic News
Economics
Aug 18, 2026
Housing Starts Retreat on Market Headwinds
Housing starts fell in July as economic uncertainty, rising construction costs, labor shortages and elevated financing expenses continued to challenge builders.
Economics
Aug 18, 2026
Cash Purchases of New Homes Fall to Lowest Share Since 2007
New home sales rose in the second quarter but were lower than a year ago, according to the U.S. Census Bureau New Residential Sales release.
Economics
Aug 17, 2026
Consumer Credit Slowed in Q2
In the second quarter of 2026, consumer credit growth slowed over the quarter and was lower than a year ago. According to the Federal Reserve’s G.19 Consumer Credit Report, total outstanding U.S. consumer credit reached $5.17 trillion in the second quarter of 2026.