The tempo of dwelling worth will increase slowed barely from April to May, however the change in every of the three S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index was lower than 1 proportion level.

Case-Shiller’s National Home Price Index which covers all 9 census divisions was up 19.7 p.c in comparison with May 2021. Its 0.9-point deceleration from the annual price in April was the biggest for any of the indices. The 10-City Composite grew 19.0 p.c on an annual foundation in comparison with 19.6 p.c in April, and the 20-City Composite slowed to twenty.5 p.c from 21.2 p.c the month earlier than.

Tampa, Miami, and Dallas reported the best year-over-year beneficial properties among the many 20 cities in May. Tampa led the best way for the third consecutive month with a 36.1 p.c year-over-year worth enhance. Miami was second with a 34.0 p.c acquire, adopted by Dallas at 30.8 p.c. Four of the 20 cities tracked reported increased worth will increase within the 12 months ending May 2022 versus the 12 months ending April 2022.

On a month-to-month foundation the National Index was up 1.5 p.c on a seasonally adjusted foundation and 1.0 p.c unadjusted. The seasonally adjusted 10-City and 20-City Composites posted will increase of 1.4 p.c and 1.5 p.c, and each had been 1.3 p.c increased earlier than adjustment. All 20 cities reported will increase earlier than and after seasonal changes.

CoreLogic Deputy Chief Economist Selma Hepp stated that, whereas increased mortgage charges and rising recession considerations dampened homebuyer demand in June, it stays sturdy in components of the nation. She expects worth progress to gradual however stated it’s prone to stay in double digits by way of the rest of this 12 months.”  

Craig J. Lazzara, Managing Director at S&P DJI stated, “The market’s power continues to be broadly primarily based, as all 20 cities recorded double-digit worth will increase for the 12 months resulted in May. May’s beneficial properties ranked within the prime quintile of historic expertise for 19 cities, and within the prime decile for 17 of them. However, on the metropolis degree we additionally see proof of deceleration. Price beneficial properties for May exceeded these for April in solely 4 cities. As not too long ago as February of this 12 months, all 20 cities had been accelerating.

The S&P CoreLogic Case-Shiller Home Price Indices are constructed to precisely monitor the worth of typical single-family dwelling pairs for 1000’s of particular person homes from the obtainable universe of arms-length gross sales information. The National U.S. Home Price Index tracks the worth of single-family housing throughout the United States. The indices have a base worth of 100 in January 2000. The May studying for the National Index was 305.98. The 10-City Composite was at 328.92 and the 20-City Composite studying was 317.30.

FHFA stated its index monitoring dwelling costs for purchases financed by Fannie Mae or Freddie Mac rose 1.4 p.c from April to May and had been 18.3 p.c increased than a 12 months earlier. The annual enhance in April was 18.9. The beforehand reported 1.6 p.c worth change for April 2022 was revised downward to 1.5 p.c.

“House prices continued to rise in May, but at a slower pace” stated Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics. “Since peaking in February, price appreciation has moderated slightly. Price growth continues to remain above historical levels, supported by the low inventory of properties for sale.”

Prices continued to extend in all 9 census divisions on each a month-to-month and annual foundation. April to May beneficial properties ranged from 0.2 p.c within the Pacific division to 2.0 p.c in New England. The 12-month adjustments had been lowest within the Middle Atlantic at 13.9 p.c and highest, at 23.8 p.c, within the South Atlantic.


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