{"id":40199,"date":"2023-07-25T09:24:45","date_gmt":"2023-07-25T13:24:45","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/sp-case-shiller-shows-u-s-home-prices-up-for-fourth-straight-month-in-may\/"},"modified":"2023-07-25T09:24:47","modified_gmt":"2023-07-25T13:24:47","slug":"sp-case-shiller-shows-u-s-home-prices-up-for-fourth-straight-month-in-may","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40199","title":{"rendered":"S&#038;P Case-Shiller shows U.S. home prices up for fourth straight month in May"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002317577\" role=\"document\">\n<p>U.S. home prices rose for the fourth straight month in May, according to the S&amp;P Case-Shiller index.  <\/p>\n<p>A broader measure of home prices, the national index, rose month-over-month in May by 0.7%, but was down 0.5% over the past year. All numbers are seasonally adjusted.<\/p>\n<p>Nationally, year-over-year appreciation in May was down 1.7% though, unchanged from the previous month. <\/p>\n<div class=\"paywall\">\n<p>A lack of supply remains a problem for the housing market, as buyers face heavy competition for previously-owned homes, and turn to the new home market. Though mortgage rates are still hovering around 7%, rates have not dampened buyer demand, as they\u2019ve adjusted to higher rates.<\/p>\n<p><strong>Key details:<\/strong> Cities in the Midwest posted the strongest home-price gains in the month of May.\u00a0<\/p>\n<p>Chicago, Cleveland and New York led the rankings as the top three cities with the highest year-over-year price gains among the top 20 cities in May.<\/p>\n<p>Homes in Chicago gained 4.6% in May 2023 as compared to last year.<\/p>\n<p>A separate report from the Federal Housing Finance Agency also showed home prices rising in May, up 0.7% from April. Home prices were the strongest in the Pacific region, according to the government\u2019s data.<\/p>\n<p>And over the last year, the FHFA index was up 2.8%.<\/p>\n<p><strong>Big picture: <\/strong>The data may suggest that buyers are turning to affordable markets in the Midwest, as they continue to find the current housing market challenging.<\/p>\n<p>Homeowners are holding out on selling homes, opting to stay put or even rent their home out and wait until mortgage rates come down enough such that selling and buying a new home with a new mortgage won\u2019t be as expensive.<\/p>\n<p>Buyers on the other hand, frustrated by a lack of options and heavy bidding wars in hot parts of the U.S. are looking for new homes, and builders have ramped up construction to meet demand.<\/p>\n<p><strong>What S&amp;P said:<\/strong> \u201cThe rally in U.S. home prices continued in May 2023,\u201d Craig J. Lazzara, managing director at S&amp;P DJI, said.\u00a0<\/p>\n<p>\u201cRegional differences continue to be striking,\u201d he added. \u201cThis month\u2019s league table shows the Revenge of the Rust Belt, as Chicago (+4.6%), Cleveland (+3.9%), and New York (+3.5%) were the top performers.\u201d<\/p>\n<p>Lazzara noted that a Midwestern city taking the top spot was \u201cunusual\u201d as it has been \u201cfive years to the month since a cold-weather city held the top spot (and that was Seattle, which isn\u2019t all that cold).\u201d<\/p>\n<p><strong>Market reaction:<\/strong> Stocks<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.52%<\/bg-quote><\/p>\n<p>        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.40%<\/bg-quote><br \/>\n       were up in early trading on Tuesday. The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.920%<\/bg-quote><br \/>\n       rose above 3.9%.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-case-shiller-shows-u-s-home-prices-up-for-fourth-straight-month-in-may-9190cfd0?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. home prices rose for the fourth straight month in May, according to the S&amp;P Case-Shiller index. A broader measure of home prices, the national index, rose month-over-month in May by 0.7%, but was down 0.5% over the past year. All numbers are seasonally adjusted. Nationally, year-over-year appreciation in May was down 1.7% though, unchanged [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":40200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-40199","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S&amp;P Case-Shiller shows U.S. home prices up for fourth straight month in May | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. home prices rose for the fourth straight month in May, according to the S&amp;P Case-Shiller index. 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