U.S. home prices rose in May for the fourth month in a row, according to the S&P CoreLogic C꧙ase-Shiller National Home Pric✱e Index.

Month-over-month, prices nationally rose 1.2%, before seasonal adjustment. For the 10-city composite index and the 20-city composite index, prices rose slightly more at 1.5%. 

"The rally in U.S. home prices continued in May 2023,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices. The national composite "now stands only 1% below its June 2022 peak."

Across the U.S., on a year-over-year basis, the Case-Shiller index showed a 0.5% annual decrease in May, after a 0.2% decline the previous month. Half of the cities in the 20-city composite index reported lower price increases for the year ending May 2023 versus the year ending April 2023. 

Before seasonal adjustment, prices rose in May in all 20 cities tracked by the Case-Shiller; after seasonal adjustment, they still rose 💛in 19 cities.

“The ongoing recovery in home prices is broadly based," Lazzara said.

Regional Differences Remain Strong

澳洲幸运5官方开奖结果体彩网:Location is one of the 澳洲幸运5官方开奖结果体彩网:driving factors behind price growth this year, as both companies and workers look to states with 澳洲幸运5官方开奖结果体彩网:lower tax rates and a lower coღst of living. As a result, prices have dropped in the West, while increasing in the Northeast and South. 

In May, Rust Belt cities saw the highest month-over-month increases. In Chicago, prices were up 4.6%. In Cleve🐎land, prices grew 3.9%.

In New York, prices were up 3.5%. 

Cities in the West saw the most dramatic year-over-year price reductions. In Las Vegas, prices fell 7.8%, while they dropped 7.6% in Phoenix. Prices in tech hubs San Francisco and Seattle fell 11.0% and 11.3%, respectively.