Home Price Gains Moderate for Third Straight Month
Home prices experienced a third year-over-year deceleration in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI). On a year-over-year basis, the non-seasonally adjusted (NSA) index posted a 5.94% annual gain in May, down from a 6.39% increase in April. The index had seen steady increases in year-over-year growth since June 2023. But this growth rate began slowing in March 2024 and has continued to decelerate through May.
The HPI increased at a seasonally adjusted annual rate of 3.09% for May, following a revised rate of 3.91% in April. May marks the 16th consecutive monthly increase; home prices have not seen an outright decrease since January 2023.
Onnah Dereski, NAHB economic services manager, delves into specifics for each census division in this Eye on Housing post.
Latest from NAHBNow
Advocacy | Environmental Issues
Dec 17, 2025
NAHB Weighs In on New WOTUS RuleIn November, the Environmental Protection Agency (EPA) and U.S. Army Corps of Engineers (Corps) announced a proposed updated definition of “waters of the United States” (WOTUS), followed by a 45-day comment period to gather input on the proposed rule. NAHB members and HBA staff provided comments at three public sessions hosted by the agencies to solicit feedback.
Advocacy | Economics | IBS
Dec 17, 2025
Podcast: 2025 - The Year of HousingOn the latest episode of NAHB's podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez recap top events and priorities for the year, and what to expect for 2026, including the 2026 International Builders' Show in Orlando.
Latest Economic News
Economics
Dec 16, 2025
Job Market Shows Signs of Cooling in NovemberIn November, job growth slowed, and the unemployment rate rose to 4.6%, its highest level in four years. At the same time, job gains for the previous two months (August and September) were revised downward. The November’s jobs report indicates a cooling labor market as the economy heads into the final month of the year.
Economics
Dec 15, 2025
Builder Sentiment Inches Higher but Ends the Year in Negative TerritoryBuilder confidence inched higher to end the year but still remains well into negative territory as builders continue to grapple with rising construction costs, tariff and economic uncertainty, and many potential buyers remaining on the sidelines due to affordability concerns.
Economics
Dec 11, 2025
Homeownership Rate Inches Up to 65.3%The latest homeownership rate rose to 65.3% in the third quarter of 2025, according to the Census’s Housing Vacancy Survey (HVS).