The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices slowed to a 3.0% seasonally adjusted annual growth rate in May, from 3.3% in April. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index reported a 3.4% annual gain in May, down from 3.5% in April. It was the lowest annual gain since September 2012. The annual growth rate has decreased for fourteen straight months, from 6.5% in March 2018 to 3.4% in May 2019.
Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 0.9% in May, down from the 5.4% increase in April. On a year-over-year basis, the FHFA Home Price NSA Index rose by 5.0% in May, the lowest annual growth rate since January 2015. It confirmed the slowdown in home price appreciation.
In addition to tracking home price changes nationwide, S&P also reported home price indexes across 20 metro areas. In May, local home prices varied and their annual growth rates ranged from -3.3% to 7.0%. Among the 20 metro areas, seven metro areas exceeded the national average of 3.0%. San Diego, Charlotte and Los Angeles had the highest home price appreciation. San Diego led the way with a 7.0% increase, followed by Charlotte with a 6.8% increase and Los Angeles with a 5.9% increase. Home prices in six metro areas experienced price declines in May. They were San Francisco (-0.1%), Las Vegas (-0.2%), Tampa (-0.6%), Miami (-1.7%), Chicago (-1.9%) and New York (-3.3%).