The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, which tracks the value of single-family housing within the United States, increased 1.11% year over year in May 2026, compared with a 0.9% annual gain in April. The 10-City Composite rose 2.38% from a year earlier, while the 20-City Composite increased 1.63%, according to S&P Dow Jones Indices.

The indices measure the prices of typical single-family homes and do not include a separate measure for multifamily properties. The national index covers all nine U.S. census divisions, while the two composite indices measure prices across selected metropolitan areas.

Home values fell in real terms for the 12th consecutive month because May inflation reached 4.2%, compared with the 1.11% annual increase in the national home price index. The annual gain was also below the 2.4% increase recorded in May 2025.

Chicago recorded the largest annual increase among the 20 metropolitan areas, with prices up 6.93%. New York followed with a 4.23% gain, and Cleveland recorded a 3.09% increase. Las Vegas posted the largest annual decline, with prices down 1.86%. Seattle fell 1.83%, Denver declined 1.75%, and Tampa decreased 1.63%. The difference between the strongest and weakest markets was 8.79 percentage points.


On a non-seasonally adjusted basis, the national index increased 0.64% from April. The 10-City Composite rose 0.94%, and the 20-City Composite increased 0.88%. After seasonal adjustment, the national index declined 0.05% month over month, while the 10-City Composite increased 0.29% and the 20-City Composite rose 0.15%.

Boston recorded the largest non-seasonally adjusted monthly increase among the metropolitan areas at 1.83%, followed by Chicago at 1.62%. San Diego was the only market to post a monthly decline, with prices down 0.10%.

The national index reached 335.10 in May, 14.5% above its January 2023 trough and 8.8% above its June 2022 peak. The 20-City Composite stood at 348.62, while the 10-City Composite reached 371.52.

Transaction-recording delays in Wayne County prevented publication of a valid May 2026 update for the Detroit index. The release included an updated April 2026 figure for Detroit and stated that future releases will provide index values for months affected by the missing transaction data.