And it may provide cover for the Fed FOMC which is pondering whether to hold rates, or not…

Year-Over-Year

• The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 2.3% annual gain in May, down from 2.7% the previous month.
• The 10-City Composite annual increase came in at 3.4%, down from 4.1% the previous month. The 20-City Composite posted a 2.8% year-over-year gain, down from 3.4% in the previous month.
• New York, Chicago and Detroit reported the highest year-over-year gains with year-over-year price increases of 7.4%, 6.1% and 4.9%, respectively.
• Tampa posted the smallest year-over-year growth of 2.4%.

Month-over-Month

• The National Index posted a 0.4% month-over-month increase while the 10-City and 20-City Composites both posted increases of 0.4% before seasonal adjustment in May 2025.
• After seasonal adjustment, the National Index posted a -0.3% decrease while the 10-City and 20-City Composites saw a -0.3% decrease as well.

Historical

• Measured from its June 2006 peak, the 10-City Composite is up 60.3%.
• The 20-City Composite has eclipsed its July 2006 peak by 66.1%.
• The National Index is up 79.4% from its July 2006 peak.

Pull quote:

“May’s data continued the years slow unwind of price momentum, with annual gains narrowing for a fourth consecutive month,” says Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. “Seasonal momentum is proving weaker than usual, and the slowdown is now more than just a story of higher mortgage rates. It reflects a market recalibrating around tighter financial conditions, subdued transaction volumes, and increasingly local dynamics. With affordability still stretched and inventory constrained, national home prices are holding steady, but barely.”

Don’t forget – just over an hour to the Labor JOLTS report – could be fun, too…

The rest of today’s column is here…

-ure