US home prices were up nearly 20% in May compared to the year before, but there are signs the market is beginning to cool
Home prices rose 19.7% in May from the year before, a slightly smaller jump than the 20.6% growth seen in April, according to the S&P CoreLogic Case-Shiller US National Home Price Index. How much house can I afford? "Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels," says Craig J. Lazzara, managing director at S&P Dow Jones Indices."Despite this deceleration, growth rates are still extremely robust.
Price gains for May exceeded those for April in only four cities. As recently as February of this year, all 20 cities were accelerating."Prices continued to be the strongest in the South and Southeast, both of which recorded 30.7% gains year-over-year," said Lazzara.But rising mortgage rates have had an impact, making the cost of financing a home too expensive for some potential buyers.
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