Core Insights - The S&P CoreLogic Case-Shiller Indices reported a 2.3% annual gain in U.S. home prices for May 2025, a decrease from 2.7% in April 2025 [1][5] - The 10-City Composite Index showed a 3.4% annual increase, down from 4.1%, while the 20-City Composite Index recorded a 2.8% increase, down from 3.4% [2][5] - New York led the 20 cities with a 7.4% annual gain, followed by Chicago at 6.1% and Detroit at 4.9%, while Tampa experienced the lowest return with a decline of 2.4% [2][6] Year-over-Year Analysis - The U.S. National Home Price NSA Index reported a 2.3% annual return for May, reflecting a narrowing trend in annual gains for four consecutive months [2][4] - The 10-City Composite and 20-City Composite both saw annual gains decrease to 3.4% and 2.8%, respectively [2][5] - Regional disparities were noted, with New York, Chicago, and Detroit showing strong gains, while several Western markets, including Los Angeles and San Francisco, reported minimal or negative growth [6] Month-over-Month Trends - The pre-seasonally adjusted U.S. National Index posted a 0.4% gain in May, while after seasonal adjustment, it showed a decrease of 0.3% [3][7] - All three headline indices (U.S. National, 10-City, and 20-City) reported a 0.4% increase on a non-seasonally adjusted basis, marking the slowest monthly gain since January [7] - The month-over-month trends indicated broad-based fatigue, with only four cities showing month-over-month acceleration [7] Market Dynamics - The slowdown in home price growth is attributed to tighter financial conditions, subdued transaction volumes, and local market dynamics, rather than solely higher mortgage rates [8] - Affordability issues and constrained inventory are contributing to the stability of national home prices, which are holding steady but barely [8]

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]