Index Shows Evidence of Slower Growth in Cities
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.7 percent annual gain in May, down from 20.6 percent in the previous month.
The 10-City Composite annual increase came in at 19 percent, down from 19.6 percent the previous month. The 20-City Composite posted a 20.5 percent year-over-year gain, down from 21.2 percent in the previous month.
“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” S&P DJI Managing Director Craig J. Lazzara said. “Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile historically.
“The market’s strength continues to be broadly based, as all 20 cities recorded double-digit price increases for the 12 months ended in May,” he said. “May’s gains ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them.”
However, at the city level there is evidence of deceleration, Lazzara said. Price gains for May exceeded those for April in only four cities. As recently as February of this year, all 20 cities were accelerating.
Tampa was the fastest growing city for the third consecutive month at +36.1 percent, with Miami second at 34 percent growth. Dallas fought its way into the top three with a gain of 30.8 percent. Prices continued strongest in the South and Southeast, both of which recorded 30.7 percent gains year-over-year.
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