Home prices unexpectedly fell by 0.3% month-over-month in May, missing economists’ expectations for a 0.3% gain.
This is according to the latest S&P/Case-Shiller report on U.S. home prices.
On a year-over-year basis, prices were up 9.3%, which was also below the 9.9% gain expected.
“Home prices rose at their slowest pace since February of last year,” said S&P’s David Blitzer. “Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains.”
Here’s a breakdown of month-over-month change by city:
Here’s a year-over-year breakdown: