Home Price Gains Moderate for Third Straight Month
Home prices experienced a third year-over-year deceleration in May, according to the . On a year-over-year basis, the non-seasonally adjusted (NSA) index posted a 5.94% annual gain in May, down from a 6.39% increase in April. The index had seen steady increases in year-over-year growth since June 2023. But this growth rate began slowing in March 2024 and has continued to decelerate through May.
The HPI increased at a seasonally adjusted annual rate of 3.09% for May, following a revised rate of 3.91% in April. May marks the 16th consecutive monthly increase; home prices have not seen an outright decrease since January 2023.
Onnah Dereski, NAHB economic services manager, delves into specifics for each census division in .
Latest from NAHBNow
Trends
May 21, 2025
Flat Growth for Single-Family Built-for-RentSingle-family built-for-rent construction posted flat growth on a year-over-year basis, as a higher cost of financing crowded out development activity.
Safety
May 21, 2025
New Resources on the Safe Use of Mobile Elevated Work Platforms (MEWP)Mobile Elevated Work Platforms (MEWPs) are vehicle-mounted machine lifts used to help workers complete tasks more efficiently in an elevated position. They are commonly used across the construction industry because of their ability to reach and maneuver around elevated areas.
Latest Economic News
Economics
May 22, 2025
Despite solid income gains and lower home prices, Americans still continue to face major housing affordability challenges, according to the latest data from the NAHB (NAHB)/Wells Fargo Cost of Housing Index (CHI).
Economics
May 21, 2025
The missing middle construction sector includes development of medium-density housing, such as townhouses, duplexes and other small multifamily properties.
Economics
May 20, 2025
An expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower.