US house price growth slows in May - S&P/Case-Shiller
US house price growth eased in May, according to the S&P/Case-Shiller National Home Price Index.
The 20-city index was up 5.7% on the year, down from 5.8% the month before and below economists' expectations for an unchanged reading.
Meanwhile, the national home price NSA index covering all nine US census divisions was up 5.6% in May, unchanged from April.
Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities. Seattle led the way with a 13.3% year-over-year price increase, followed by Portland with 8.9%, and Denver overtaking Dallas with a 7.9% increase. Nine cities reported greater price increases in the year ending May 2017 versus the year ending April 2017.
David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said: “Home prices continue to climb and outpace both inflation and wages.
"Housing is not repeating the bubble period of 2000-2006: price increases vary across the country unlike the earlier period when rising prices were almost universal; the number of homes sold annually is 20% less today than in the earlier period and the months’ supply is declining, not surging. The small supply of homes for sale, at only about four months’ worth, is one cause of rising prices. New home construction, higher than during the recession but still low, is another factor in rising prices."