May data reveals stronger-than-expected monthly and annual gains in the 20-city home price index, exceeding consensus estimates.
US home prices climbed more than anticipated in May, with the S&P CoreLogic Case-Shiller 20-city index posting a seasonally adjusted 0.2% month-over-month increase. The reading surpassed the 0.0% consensus forecast and April’s flat print, signaling resilience in the housing market.
The unadjusted 20-city index rose 0.9% month-over-month, beating the 0.6% estimate, while the year-over-year gain accelerated to 1.6% from a revised 1.2% in April. Analysts had expected a 1.4% annual increase, underscoring persistent demand amid tight supply conditions.
The report highlights sustained upward pressure on home prices despite higher mortgage rates, defying earlier expectations of a slowdown.