The price for a pre-owned single-family home in the United States is at an all-time high for the third straight month, with New York overtaking San Diego, California, for the fastest growth among major markets.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index climbed 5.9% on an annual basis in May, according to the latest data. The index measures the cost of pre-owned single-family houses, condos and co-ops on a national level, but it also includes indexes for 20 major metropolitan markets.
For the sixth month in a row, all 20 markets measured by the index saw annual price growth, Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said in a statement.
“The last time we saw that long a streak was when all markets rose for three years consecutively during the COVID housing boom,” he said.
New York topped the list of metropolitan areas, with the cost of an existing home rising 9.4% in the 12 months that ended in May. It was the first time in six months that San Diego wasn’t first on the list, but the California market still clocked a 9.1% annual price increase. Third on the list was Las Vegas, reporting an 8.6% jump in house prices.
Not all markets measured by the index had such rapid growth, though. Portland, Oregon, for example, had the slowest growth, with prices increasing just 1% annually. And Denver, Minneapolis and Dallas all saw prices climb at a rate below 3%.
Economists and analysts anticipate that price growth could slow in the coming months, especially if the Federal Reserve lowers interest rates in September as some economists expect and the supply of houses keeps growing.