Slower Increase for Home Prices in May

Home prices continued to rise in May but at a slower pace. The S&P CoreLogic Case-Shiller Home Price Indices for May shows the 20-city Composite posted a year-over-year gain of 5.2 percent in April, down from 5.4 percent in April.

“Home prices continue to appreciate across the country,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “Overall, housing is doing quite well. In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains. The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace.”