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Home-price gains continue to lose momentum relative to broader inflation trends. The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.1% annual gain in May 2026, up slightly from a 0.9% rise in April. On a month-on-month, seasonally adjusted basis, national home prices actually dipped 0.05%. With May headline inflation reaching 4.2%, U.S. home values fell in real terms for the 12th consecutive month. Midwest and Northeast housing markets continue to outperform, while many Sun Belt and Western metro areas face outright price declines. Chicago reported the strongest annual gains for the third straight month (+6.9% year-over-year), followed by New York (+4.2%) and Cleveland (+3.1%). At the other end of the market, Las Vegas saw the steepest price drop (-1.9% year-over- year), followed by Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%).
