U.S. Home Prices Edged Down 0.1% in May

• U.S. home prices in May ticked down 0.1% on a seasonally adjusted basis—only the fourth time in the past decade when prices have posted a monthly decline.
• Home prices rose 3.6% year over year—the first time annual growth has been below 4% since July 2023.
• 32 of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Charlotte, NC (-2.7%).

U.S. home prices edged down 0.1% in May on a seasonally adjusted basis. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022—when mortgage rates were peaking.  

Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since…