FHFA House Price Index

Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising. Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 20-City Composite posted a -1.7% year-over-year decline, unchanged from the month prior, as home prices have recently seen a boost. Craig J. Lazzara, managing director at S&P DJI, noted that regional differences are still “striking,” with the West Coast hubs that saw huge migration during the pandemic having the weakest growth. The Southeast (+2.1%) continues to see strong growth, though this month its top-performer crown was stolen by the Midwest (+2.7%). Looking at cities,…