The S&P Case-Shiller Home Price Indices is a closely followed monthly price report that has been tracking home values for nearly 30 years. The report is considered among the leading measures of U.S. home prices. According to their most recent release, S&P found national home prices up 1.2 percent in May, the last month included in the report. The gain is evidence home values remain strong and will continue to be in coming months.
Craig J. Lazzara, managing director at S&P, says there's reason for optimism. “Home prices in the U.S. began to fall after June 2022, and May's data bolster the case that the final month of the decline was January 2023,” Lazzara said. “Granted, the last four months' price gains could be truncated by increases in mortgage rates or by general economic weakness. But the breadth and strength of May's report are consistent with an optimistic view of future months.” The strongest price gains, somewhat surprisingly, were found in cold-weather cities, including Chicago, Cleveland, and New York.
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