S&P CoreLogic Case-Shiller HPI: Home Prices Held Firm in May

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.4% annual gain in May, unchanged from the previous month.  The index covers all 9 U.S. census divisions.

The 10- City Composite annual increase came in at 6.1%, down from 6.4% in the previous month. The 20-City Composite posted a 6.5% year-over-year gain, down from 6.7% in the previous month.

“Home prices continue to rack up gains two to three times greater than the inflation rate,” says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. “The yearover-year increases in the S&P CoreLogic Case-Shiller National Index have topped 5% every month since August 2016.”

Seattle, Las Vegas, and San Francisco continued to report the highest year-over-year gains among the 20 cities.

In May, Seattle led the way with a 13.6% year-over-year price increase, followed by Las Vegas with a 12.6% increase and San Francisco with a 10.9% increase. Seven of the 20 cities reported greater price increases in the year ending May 2018 versus the year ending April 2018.

“Unlike the boom-bust period surrounding the financial crisis, price gains are consistent across the 20 cities tracked in the release; currently, the range of the largest to smallest price change is 10 percentage points compared to a 20 percentage point range since 2001, and a 25 percentage point range between 2006 and 2009,” Mr. Blitzer added.

“Not only are prices rising consistently, they are doing so across the country.”