S&P Cotality Case-Shiller Indices Up Slightly in May

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The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.1% annual gain for May 2026 (non-seasonally adjusted). That’s up from a 0.9% rise in April.

However, it’s also the 12th consecutive month in which U.S. home values fell in real terms–May saw 4.2% inflation, 3 percentage points above the 1.1% home price gain.

“Even on a nominal basis, the market remains noticeably weaker than a year ago. In May 2025, the National Home Price Index was up 2.4% year over year,” said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices.

“The geographic dispersion of home price trends continues to persist,” Kaufman continued. “While major metropolitan areas in the Northeast and Midwest recorded year-over-year gains exceeding the national average, many metropolitan areas in the West and Sunbelt regions remain under pressure.”

Chicago led all metro areas in the index with a 6.9% annual increase in May, followed by New York at 4.2% and Cleveland at 3.1%.

Las Vegas saw the largest decline, down 1.9% year-over-year. Seattle and Denver both fell 1.8% and Tampa, Fla., fell 1.6%.

The pre-seasonally adjusted 10-City and 20-City composite gained 0.9% month-over-month and the U.S. National Index was up 0.6%.

After adjustment the 10-City Composite was up 0.3% month-over-month, the 20-City Composite was up 0.1% and the U.S. National Index fell 0.05%.