The seasonally adjusted Case-Shiller 20-City Home Price Index held roughly constant during May after an upwardly revised 0.4% April gain. Nevertheless, during the last twelve months prices have fallen 4.5% after rising modestly y/y twelve months ago. That left the latest index level roughly equal to the lowest since March, 2003. Not seasonally adjusted prices rose 1.0% during May. The latest y/y decline of 4.5% matched Consensus expectations, according to Bloomberg. The narrower 10 City Composite Home Price Index of prices ticked 0.1% higher (-3.6% y/y) during May after April's 0.4% rise.

Price declines continued throughout the U.S. During the last twelve months, declines were most notable in Minneapolis (-11.7%), Phoenix (-9.5%), Tampa (-9.5% y/y), Portland (-9.1% y/y), Detroit (-9.2% y/y), and Chicago (-8.1%). More moderate price declines were logged in San Francisco (-5.5%), Miami (-5.3%), Dallas (-4.8%), New York (-3.2%), Denver (-3.3%) and Los Angeles (-3.2% y/y). Prices rose in Washington D.C. by 1.3%.

The Case-Shiller home price series is value-weighted, i.e., a greater index weight is assigned to more expensive homes. The S&P/Case-Shiller home price series can be found in Haver's USECON database and the city data highlighted below is in the REGIONAL database.