U.S. home prices were up for the fourth consecutive month in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index.
Before the seasonal adjustment, the U.S. National Index posted a 1.2% month-over-month increase in May, while the 10-City and 20-City Composites both posted increases of 1.5%. After the seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.7%, while the 10-City Composite gained 1.1% and 20-City Composites posted an increase of 1%.
Chicago, Cleveland, and New York reported the highest year-over-year gains among the 20 cities in May with increases of 4.6%, 3.9% and 3.5%, respectively.
“The ongoing recovery in home prices is broadly based,” said Craig J. Lazzara, managing director at S&P DJI. “Before seasonal adjustment, prices rose in all 20 cities in May (as they had also done in March and April). Seasonally adjusted data showed rising prices in 19 cities in May, repeating April’s performance – the outlier is Phoenix, down 0.1% in both months.”
Lazarra added, “This month the Midwest (+2.7%) unseated the Southeast (+2.1%) as the country’s strongest region. The West (-6.9%) remains weakest. Home prices in the U.S. began to fall after June 2022, and May’s data bolster the case that the final month of the decline was January 2023. Granted, the last four months’ price gains could be truncated by increases in mortgage rates or by general economic weakness. But the breadth and strength of May’s report are consistent with an optimistic view of future months.”
Non Sense…….. Prices up? Really. Optimistic View of the future? LOL
Volume is WAY DOWN…….Recovery? What recovery? The correction has barely begun.