Key facts
- The S&P Cotality Case-Shiller National Home Price Index increased 1.1% year-over-year in May.
- Home prices declined in real terms as inflation stood at 4.2%.
- The 10-city composite index saw a 2.4% annual increase, and the 20-city index rose 1.6% annually.
- Chicago led with a 6.9% annual price gain, while Seattle experienced the largest decline at 1.83%.
- HousingWire Data shows a national median list price decrease of 1.8% year-over-year for the week ending July 24, 2026.
Despite a faster annual pace than the previous month, U.S. home prices continued to decline in real terms in May, according to the S&P Cotality Case-Shiller Index. The national index rose 1.1% year-over-year to 335.1, an increase from April's 0.8% annual gain. However, this growth remained below the 4.2% inflation rate for May.
On a monthly basis, the national index saw a 0.6% increase from April. The 10-city composite index also showed accelerated appreciation, jumping 2.4% year-over-year, while the 20-city index increased 1.6% annually. Both the 10-city and 20-city indexes reported a 0.9% monthly increase.
Chicago recorded the largest annual price gain among the 20 cities at 6.9%, followed by New York at 4.2% and Cleveland at 1.9%. Conversely, Seattle experienced the largest annual price decline at 1.83%, with Denver and Tampa also showing decreases. Rebecca Kaufman of S&P Dow Jones Indices noted the persistent geographic dispersion, with Northeast and Midwest metros outperforming Western and Sunbelt regions, potentially reflecting a return-to-office trend supporting urban markets.
More current data from HousingWire indicates softer national home price appreciation for the week ending July 24, 2026. The median list price was $449,900, down 1.8% year-over-year and 2.1% from the prior month. Notable annual median list price growth was observed in Ocean City, New Jersey (+39.6%), Jackson, Michigan (+23.7%), and Champaign-Urbana, Illinois (+22.3%).
Mike Miedler, president and CEO of CENTURY 21 Real Estate, pointed to a potential market determinant: inventory has stopped increasing after four years of growth. He suggested that buyers waiting for lower rates might be underestimating a market with limited available homes.