Also released on Tuesday, the S&P CoreLogic Case-Shiller National Home Price Index indicated that home prices rose month-over-month for the fourth consecutive time in May.
However, this decade-long rally in U.S. home prices could finally come to an end, said Robert Shiller, professor of economics at Yale University yesterday on
U.S. house prices rose slightly in May, up 0.7% from April, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). On a year-over-year basis, prices rose 2.8% from May 2022 to May 2023. But that only tells part of the story.
“U.S. house prices increased moderately in May, continuing the trend of the last few months,” said Nataliya Polkovnichenko, supervisory economist at the FHFA. “However, house prices in some regions of the country remained below the levels seen one year ago.”
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