The S&P CoreLogic Case-Shiller Index’s latest report revealed that in May, the top 20 major metropolitan markets experienced month-over-month price increases for the third consecutive month.

In May, The S&P CoreLogic Case-Shiller U.S.U.S. National Home Price NSA Index, all nine regions. Census Bureau divisions, registered a yearly decline of -0.5%, marking a slight decrease from the -0.1% loss observed in the prior month. The 10-City Composite decreased by -1.0%, slightly better than the -1.1% decline last month. Similarly, the 20-City Composite maintained a year-over-year loss of -1.7%, consistent with the figures recorded in April 2023.

Among the top 20 cities, Chicago, Cleveland, and New York recorded the most significant year-over-year gains. Chicago exhibited the highest increase, reporting a 4.6% year-over-year rise, followed closely by Cleveland, which experienced a 3.9% increase.

Without considering seasonal adjustments, the U.S. National Index showed a 1.2% month-over-month increase in May, and both the 10- and 20-city composites exhibited a 1.5% increase during the same period.

Following seasonal adjustment, the U.S. National Index reported a 0.7% month-over-month increase, with the 10-City Composite registering a gain of 1.1%, and the 20-City Composite posting a 1.0% increase.

CoreLogic’s Chief Economist, Dr. Selma Hepp, provided insights into the market fluctuations as follows: In May, the CoreLogic S&P Case-Shiller Index experienced a 0.5% year-over-year decline, marking the second consecutive month of such losses. However, the annual decrease reflects price drops that occurred in 2022, and recent above-average price gains suggest an impending turning point. The current situation still presents a tale of two markets: the West, constrained by a lack of existing inventory, and the Southeast and South, benefiting from increased availability of new homes for sale, resulting in sales opportunities. Notably, home prices are no longer strictly adhering to previous trends.