Two new data reports published today are pointing to a housing market where price acceleration is continuing at a mild yet steady pace.
The S&P Cotality Case-Shiller US National Home Price NSA Index, covering all nine census divisions, reported a 1.1% annual gain in May, up from a 0.9% rise in the previous month. The 10-City Composite recorded a 2.4% an annual increase, up from a 1.8% increase in the previous month, while the 20-City Composite posted a year-over-year increase of 1.6%, up from a 1.2% rise in the previous month.
The pre-seasonally adjusted 10-City Composite and 20-City Composite Indices each recorded monthly gains of 0.9% while the US National Index posted a 0.6% gain. After the seasonal adjustment, the US National reported a monthly decrease of 0.05% while the 10-City and 20-City Composite Indices posted 0.3% and 0.1% gains, respectively.
Chicago, New York City and Cleveland reported the highest year-over-year gains with price increases of 6.9%, 4.2% and 3.1%, respectively. Las Vegas recorded the lowest return in May, falling -1.9% year-over-year.
Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices, observed, “The geographic dispersion of home price trends continues to persist. While major metropolitan areas in the Northeast and Midwest recorded year-over-year gains exceeding the national average, many metropolitan areas in the West and Sunbelt regions remain under pressure.”
Separately, the Federal Housing Finance Agency (FHFA) House Price Index posted a 0.3% month-over-month uptick and a 2.2% year-over-year increase in May.
For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.6% in the Pacific division to +1.4% in the East South Central division. The 12-month changes ranged from -0.3% in the Pacific division to +4.5% in the Middle Atlantic division.
FHFA Director Bill Pulte continued his trend of not offering any commentary on the home price increases.
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