U.S. home prices grew more slowly in May, but continued to show resilience in the face of the coronavirus outbreak.
The S&P CoreLogic Case-Shiller 20-city home price index rose 3.7% in in May from a year earlier, a drop from a 3.9% increase in April and a smaller gain than economists had expected. Still, home prices have risen steadily despite the pandemic and lockdowns that have badly damaged the American economy.
Phoenix led the way with a 9% annual gain in home prices, followed by Seattle (up 6.8%) and Tampa (up 6%). Chicago registered the smallest increase: 1.3%.
The 20-city index released Tuesday excluded prices from the Detroit metropolitan area index because of delays at the recording office in Wayne County, which includes Detroit.
The Case-Shiller index is composed of a three-month average of home prices, so this month’s data includes figures from March, April and May.