NEW YORK, July 29, 2025 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the May 2025 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 2.3% annual gain in May 2025, a slight decrease from the previous reading in April 2025. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.YEAR-OVER-YEARThe S&P CoreLogic ...

Core Insights - The S&P CoreLogic Case-Shiller Indices reported a 3.4% annual gain in U.S. home prices for March 2025, a decrease from 4.0% in February 2025 [1][5][10] - The 10-City Composite Index showed a 4.8% annual increase, down from 5.2%, while the 20-City Composite Index recorded a 4.1% increase, down from 4.5% [2][5] - New York led the 20 cities with an 8% annual gain, followed by Chicago at 6.5% and Cleveland at 5.9%, while Tampa experienced a decline of 2.2% [2][6] Year-over-Year Trends - The U.S. National Home Price NSA Index reported a 3.4% annual return for March, down from 4% in February [2] - The 10-City Composite Index increased by 4.8% year-over-year, while the 20-City Composite Index rose by 4.1% [5] - The majority of the annual appreciation was front-loaded, with only 0.9% of the increase occurring in the last six months [5] Month-over-Month Trends - Month-over-month, the U.S. National Index saw a 0.8% increase, the 10-City Composite Index rose by 1.2%, and the 20-City Composite Index increased by 1.1% [3][7] - After seasonal adjustment, the U.S. National Index decreased by 0.3%, while the 10-City Composite Index saw a slight increase of 0.01% and the 20-City Composite Index decreased by 0.1% [3][7] Market Analysis - Home price growth is decelerating annually, despite strong monthly gains, indicating a shift towards a broader seasonal recovery [4][10] - Limited supply and steady demand are driving prices higher, although affordability challenges persist [4][9] - The reluctance of existing homeowners to sell due to low mortgage rates and limited new construction activity has kept inventory levels tight, supporting home prices [8][9] Regional Price Trends - New York reported the highest annual gain at 8%, while Dallas had a minimal increase of 0.2%, and Tampa was the only city to post a year-over-year decline at -2.2% [6][9] - Eighteen out of twenty metro areas experienced positive monthly price gains before seasonal adjustment, with Cleveland, Seattle, and New York leading the increases [7][9] Affordability and Market Environment - Affordability remains constrained, with mortgage rates in the mid-6% range, keeping monthly payment burdens high relative to incomes [8] - The combination of persistent supply shortages and high borrowing costs continues to impact buyer demand [9][10]

Core Insights - The S&P CoreLogic Case-Shiller Indices reported a 3.9% annual gain in U.S. home prices for February 2025, a slight decrease from 4.1% in January 2025 [1][2][3] - The 10-City Composite Index saw a 5.2% annual increase, down from 5.4%, while the 20-City Composite posted a 4.5% increase, down from 4.7% [2][3] - New York led the 20 cities with a 7.7% annual increase, followed by Chicago at 7.0% and Cleveland at 6.6%, while Tampa experienced the lowest return with a decline of 1.5% [2][4] Year-over-Year Trends - The U.S. National Home Price NSA Index recorded a 3.9% annual return for February, reflecting a cooling trend in home price growth [2][3] - The 10-City Composite Index increased by 5.2% year-over-year, and the 20-City Composite Index rose by 4.5% [2][3] Month-over-Month Trends - Month-over-month, the U.S. National Composite Index increased by 0.4%, the 10-City Composite by 0.8%, and the 20-City Composite by 0.7% [3][5] - Seventeen out of twenty metro areas reported positive monthly price gains, reversing recent seasonal weakness [5] Regional Performance - New York, Chicago, and Cleveland showed the highest annual gains, while Tampa continued to struggle with a year-over-year decline [4][5] - Markets in the Sun Belt that previously saw rapid appreciation are adjusting due to higher financing costs and affordability constraints [4][6] Affordability and Supply Issues - Mortgage rates remain in the mid-6% range, contributing to affordability challenges, yet limited housing supply is supporting a gradual upward trend in home prices [6] - Existing homeowners are reluctant to sell due to low pandemic-era mortgage rates, exacerbating supply shortages [6]