S&P Cotality Case-Shiller Index Reports Annual Gain in May 2026

Q: What did the S&P Cotality Case-Shiller U.S. National Home Price Index show for May 2026?

The index showed a 1.1% year-over-year increase in May 2026. According to S&P Dow Jones Indices, this nominal gain lagged May’s 4.2% inflation , meaning U.S. home values fell in real terms for the 12th consecutive month.

Q: How did major U.S. cities perform in the May 2026 S&P Cotality Case-Shiller report (SPGI)?

Chicago led with a 6.9% annual gain , followed by New York at 4.2% and Cleveland at 3.1% . According to S&P Dow Jones Indices, Las Vegas fell 1.9% , with Seattle, Denver and Tampa also recording year-over-year declines.

Q: How does inflation affect the May 2026 S&P Cotality Case-Shiller home price gains?

Inflation of 4.2% in May 2026 outpaced the 1.1% National home price gain, eroding real values. According to S&P Dow Jones Indices, this produced the 12th straight month of real U.S. home price declines despite modest nominal increases.

Q: What mortgage rate and affordability trends did S&P Global (SPGI) highlight for May 2026 housing data?

Thirty-year mortgage rates averaged about 6.5% in May 2026, well above earlier 3% levels. According to S&P Dow Jones Indices, these elevated borrowing costs, combined with high inflation, continue to constrain housing affordability and dampen demand.

Q: Why was there no May 2026 Detroit S&P Cotality Case-Shiller Index value published?

No valid May 2026 Detroit index was released because of transaction recording delays in Wayne County. According to S&P Dow Jones Indices, there was sufficient data to publish an updated April 2026 Detroit reading instead, shown in Tables 2 and 3.

Q: How far are S&P Cotality Case-Shiller home price indices above recent trough levels as of May 2026?

The National Index stands 14.5% above its January 2023 trough, while the 20-City and 10-City Composites are up 17.2% and 19.9% . According to S&P Dow Jones Indices, all three remain roughly 9–13% above their 2022 peaks.

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S&P Global (NYSE: SPGI), via S&P Dow Jones Indices, reported that the S&P Cotality Case-Shiller U.S. National Home Price NSA Index rose 1.1% year over year in May 2026, up from 2.4% a year earlier but below May's 4.2% inflation, marking the 12th straight month of real home price declines. The 10-City and 20-City Composites gained 2.4% and 1.6%, respectively. Regionally, Chicago led with a 6.9% annual increase, followed by New York (4.2%) and Cleveland (3.1%), while Las Vegas (-1.9%), Seattle (-1.8%), Denver (-1.8%) and Tampa (-1.6%) showed declines, highlighting a wide performance gap. Month over month, the National Index rose 0.6% NSA but slipped 0.05% on a seasonally adjusted basis; the 10-City and 20-City Composites advanced 0.9% NSA and 0.3%/0.1% SA. Thirty-year mortgage rates reached 6.5%, which S&P DJI said continues to constrain affordability and demand. Due to recording delays in Wayne County, no valid May 2026 Detroit index was published, though April 2026 values were updated.

Market Context

Insider activity was reported as Net Buying, totaling 5,974 shares across three transactions, adding...

Analysis

Insider activity was reported as Net Buying, totaling 5,974 shares across three transactions, adding company-specific context to this housing-index release. The regional data and missing Detroit update remain points to monitor.

Key Figures

National index annual gain: 1.1% Prior-month annual gain: 0.9% Real-term decline streak: 12 months +5 more

8 metrics

National index annual gain 1.1% May 2026 year over year

Prior-month annual gain 0.9% April 2026 year over year

Real-term decline streak 12 months Consecutive months of U.S. home-value declines in real terms

May inflation 4.2% May 2026, roughly 3 percentage points above home-price growth

Chicago annual gain 6.9% May 2026 year over year

Las Vegas annual change -1.9% May 2026 year over year

Thirty-year mortgage rate 6.5% May 2026

Seasonally adjusted national monthly change -0.05% May 2026 from April

Historical Context

5 past events · Latest: Jul 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	AI partnership	Positive	-2.1%	S&P Global partnered with Farsight and made a minority investment for Capital IQ Pro.
Jul 21	Digital asset index	Positive	-3.8%	S&P DJI and Pantera Capital launched a rules-based digital asset benchmark.
Jul 21	AI data launch	Positive	-3.8%	S&P Global launched Adaptive Retrieval for customer AI agents and language models.
Jul 20	Index changes	Neutral	-3.8%	S&P DJI announced MidCap 400 and SmallCap 600 constituent changes.
Jul 17	GICS consultation	Neutral	-0.6%	S&P DJI and MSCI launched consultation on potential GICS classification changes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The five selected prior events all had negative 24-hour reactions, including launches, a partnership, and an index consultation.

Key Terms

non-seasonally adjusted, seasonally adjusted, arms-length sales data

3 terms

non-seasonally adjusted technical

"On a non-seasonally adjusted (NSA) basis, the National Index rose 0.6% in May"

Data described as non-seasonally adjusted are the raw, reported figures that have not been altered to remove predictable seasonal patterns, like holiday sales spikes or winter heating costs. Investors use these numbers to see the actual level and short-term swings of activity, similar to reading the unedited daily temperature instead of a seasonally smoothed trend, which helps reveal real-time changes that seasonal adjustments would mask.

seasonally adjusted technical

"After adjusting for seasonality, the National Index declined 0.05% month over month"

Seasonally adjusted means that figures have been modified to remove the effects of regular and predictable changes that happen at specific times of the year, such as holidays or weather patterns. This adjustment helps reveal the true underlying trend by making comparisons across different periods more accurate. For investors, it provides a clearer picture of whether economic activity is genuinely improving or declining, without the noise of seasonal fluctuations.

arms-length sales data technical

"from the available universe of arms-length sales data"

Transaction records from sales made between independent, unrelated parties who negotiated freely, so the prices reflect normal market conditions rather than special deals. Investors use arms-length sales data as a benchmark to estimate fair value, check for price distortions caused by related parties or special agreements, and support valuation or due diligence; think of it as the public market price you’d expect when buyers and sellers act independently.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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07/28/2026 - 10:02 AM

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.1% annual gain for May 2026, up from a 0.9% rise in the previous month.
For the 12^th consecutive month, U.S. home values fell in real terms, as May's 4.2% inflation ran roughly 3 percentage points above the 1.1% home price gain.
A nearly 9 percentage-point gap separated May's strongest market (Chicago +6.9% YoY) and its weakest (Las Vegas -1.9% YoY), underscoring a stark regional divergence in home price trends.

NEW YORK, July 28, 2026 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the May 2026 results for the S&P Cotality Case-Shiller Indices.

More than 27 years of history are available for the data series and can be accessed in full by going to www.spglobal.com/spdji/en/index-family/indicators/sp-Cotality-case-shiller.

Cotality continues to have transaction delays from the recording office in Wayne County, the most populous county in the Detroit metro area. These delays impacted the May transaction data and, therefore, no valid May 2026 update of the Detroit S&P Cotality Case-Shiller Index will be provided for the July 28, 2026, release date. There was, however, enough data to calculate a valid April 2026 update, which is provided in Tables 2 and 3.

S&P DJI will continue to provide updates to the Detroit index values for the month(s) with missing sale transactions data.

ANALYSIS

"May's data suggests that U.S. home prices continue to decline in real terms, with the S&P Cotality Case-Shiller National Home Price Index up a modest 1.1% year over year," said Rebecca Kaufman, Associate Director of Commodities at S&P Dow Jones Indices. "At the same time, inflation peaked at 4.2% in May, its highest level in over three years. Even on a nominal basis, the market remains noticeably weaker than a year ago. In May 2025, the National Home Price Index was up 2.4% year over year.

"The geographic dispersion of home price trends continues to persist," Kaufman continued. "While major metropolitan areas in the Northeast and Midwest recorded year-over-year gains exceeding the national average, many metropolitan areas in the West and Sunbelt regions remain under pressure.

"For the third consecutive month, Chicago led all metros with a 6.9% annual increase in May, followed by New York (4.2%) and Cleveland (3.1%). In contrast, Las Vegas posted the largest decline, falling 1.9% year over year, with Seattle (-1.8%), Denver (-1.8%), and Tampa (-1.6%) also registering notable losses.

"This divergence may reflect shifting post-pandemic housing dynamics, including a growing return-to-office mandate that appears to be supporting traditional urban markets.

"Monthly price appreciation continues to reflect the seasonal strength often associated with the spring homebuying season," Kaufman observed. "On a non-seasonally adjusted (NSA) basis, the National Index rose 0.6% in May from April, while the 10-City and 20-City Composites each advanced 0.9%.

"After adjusting for seasonality, the National Index declined 0.05% month over month, while the 10-City and 20-City Composites posted modest gains of 0.3% and 0.2%, respectively. The gap between the NSA and seasonally adjusted results underscores the extent to which seasonal factors are supporting headline price growth. Even where prices increased on a seasonally adjusted basis, gains remained modest and were negative in real terms.

"Affordability remains a significant headwind for the housing market," Kaufman concluded. "Thirty-year mortgage rates increased to 6.5% in May, leaving the ultra-low 3% borrowing costs a distant memory. At the same time, stubbornly high inflation rates are keeping both the cost of home financing and the cost of living high for prospective buyers.

"Against this backdrop, housing demand remains constrained, elevated borrowing costs continue to discourage potential homebuyers, and housing values decline in real terms for existing homeowners."

YEAR-OVER-YEAR

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 1.1% annual gain for May. The 10-City Composite saw an annual increase of 2.4%, up from a 1.8% increase in the previous month. The 20-City Composite posted a year-over-year increase of 1.6%, up from a 1.2% rise in the previous month.

Chicago reported the highest annual gain among the 20 cities with a 6.9% increase in May, followed by New York and Cleveland with annual increases of 4.2% and 3.1%, respectively. Las Vegas posted the lowest return in May, falling 1.9%.

MONTH-OVER-MONTH

The pre-seasonally adjusted 10-City Composite and 20-City Composite Indices recorded monthly gains of 0.9%, while the U.S. National Index posted a 0.6% gain.

After seasonal adjustment, the U.S. National reported a monthly decrease of 0.05% while the 10-City and 20-City Composite Indices posted 0.3% and 0.1% gains, respectively.

SUPPORTING DATA

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, recorded a 1.1% annual increase in May 2026. The 10-City and 20-City Composites reported year-over-year increases of 2.4% and 1.6%, respectively.

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

	2022 Peak			2023 Trough			Current
Index	Level	Date	Level		Date	From Peak (%)	Level	From Trough (%)	From Peak (%)
National	308.07	Jun-22	292.68		Jan-23	-5.0 %	335.10	14.5 %	8.8 %
20-City	318.73	Jun-22	297.47		Jan-23	-6.7 %	348.62	17.2 %	9.4 %
10-City	330.38	Jun-22	309.92		Jan-23	-6.2 %	371.52	19.9 %	12.5 %

Table 2 below summarizes the results for May 2026. The S&P Cotality Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

Metropolitan Area	May 2026 Level	May / April Change (%)	April / March Change (%)	1-Year Change (%)
Atlanta	252.13	0.69 %	1.05 %	0.03 %
Boston	362.70	1.83 %	1.16 %	2.75 %
Charlotte	288.35	0.51 %	1.05 %	0.49 %
Chicago	235.20	1.62 %	1.54 %	6.93 %
Cleveland	207.64	1.16 %	0.77 %	3.09 %
Dallas	296.24	1.00 %	0.91 %	-0.92 %
Denver	316.97	0.24 %	0.85 %	-1.75 %
Detroit	--	--	1.90 %	--
Las Vegas	300.24	0.29 %	0.19 %	-1.86 %
Los Angeles	451.35	0.56 %	1.11 %	0.57 %
Miami	450.50	0.62 %	0.51 %	1.81 %
Minneapolis	251.65	1.07 %	1.17 %	1.83 %
New York	348.54	1.36 %	0.86 %	4.23 %
Phoenix	326.56	0.45 %	-0.05 %	-1.29 %
Portland	333.47	0.53 %	0.81 %	-0.79 %
San Diego	451.46	-0.10 %	0.83 %	0.94 %
San Francisco	371.20	0.81 %	1.54 %	2.21 %
Seattle	395.06	0.47 %	1.25 %	-1.83 %
Tampa	371.72	0.66 %	0.91 %	-1.63 %
Washington	342.68	0.75 %	1.26 %	0.79 %
Composite-10	371.52	0.94 %	1.04 %	2.38 %
Composite-20	348.62	0.88 %	1.02 %	1.63 %
U.S. National	335.10	0.64 %	0.83 %	1.11 %
Sources: S&P Dow Jones Indices and Cotality Data through May 2026

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P Cotality Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.

	May / April Change (%)		April / March Change (%)
Metropolitan Area	NSA	SA	NSA	SA
Atlanta	0.69 %	0.02 %	1.05 %	0.12 %
Boston	1.83 %	0.66 %	1.16 %	-0.17 %
Charlotte	0.51 %	-0.28 %	1.05 %	-0.01 %
Chicago	1.62 %	0.58 %	1.54 %	0.63 %
Cleveland	1.16 %	-0.15 %	0.77 %	0.00 %
Dallas	1.00 %	0.02 %	0.91 %	-0.37 %
Denver	0.24 %	-0.37 %	0.85 %	-0.45 %
Detroit	--	--	1.90 %	0.41 %
Las Vegas	0.29 %	-0.53 %	0.19 %	-0.59 %
Los Angeles	0.56 %	0.31 %	1.11 %	-0.06 %
Miami	0.62 %	0.13 %	0.51 %	-0.16 %
Minneapolis	1.07 %	-0.13 %	1.17 %	0.01 %
New York	1.36 %	0.43 %	0.86 %	0.13 %
Phoenix	0.45 %	-0.24 %	-0.05 %	-0.63 %
Portland	0.53 %	-0.21 %	0.81 %	-0.24 %
San Diego	-0.10 %	-0.49 %	0.83 %	-0.32 %
San Francisco	0.81 %	0.15 %	1.54 %	-0.06 %
Seattle	0.47 %	-0.30 %	1.25 %	-0.48 %
Tampa	0.66 %	-0.28 %	0.91 %	0.13 %
Washington	0.75 %	0.10 %	1.26 %	0.22 %
Composite-10	0.94 %	0.29 %	1.04 %	0.04 %
Composite-20	0.88 %	0.15 %	1.02 %	-0.03 %
U.S. National	0.64 %	-0.05 %	0.83 %	-0.09 %
Sources: S&P Dow Jones Indices and Cotality
Data through May 2026

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500^® and the Dow Jones Industrial Average^®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.

FOR MORE INFORMATION:

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(+1) 917 805 1089
lemuel.brewster@spglobal.com

S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.

The S&P Cotality Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P Cotality Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P Cotality Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P Cotality Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between S&P Dow Jones Indices and Cotality, Inc.

The S&P Cotality Case-Shiller Indices are produced by Cotality, Inc. In addition to the S&P Cotality Case-Shiller Indices, Cotality also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through Cotality.

Case-Shiller^® and Cotality^® are trademarks of Cotality Case-Shiller, LLC or its affiliates or subsidiaries ("Cotality") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by Cotality or its predecessors in interest are sponsored, sold, or promoted by Cotality, and neither Cotality nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.

View original content:https://www.prnewswire.com/news-releases/sp-cotality-case-shiller-index-reports-annual-gain-in-may-2026-302836607.html

SOURCE S&P Dow Jones Indices

FAQ

What did the S&P Cotality Case-Shiller U.S. National Home Price Index show for May 2026?

The index showed a 1.1% year-over-year increase in May 2026. According to S&P Dow Jones Indices, this nominal gain lagged May’s 4.2% inflation, meaning U.S. home values fell in real terms for the 12th consecutive month.

How did major U.S. cities perform in the May 2026 S&P Cotality Case-Shiller report (SPGI)?

Chicago led with a 6.9% annual gain, followed by New York at 4.2% and Cleveland at 3.1%. According to S&P Dow Jones Indices, Las Vegas fell 1.9%, with Seattle, Denver and Tampa also recording year-over-year declines.

What were the May 2026 month-over-month home price changes in the S&P Cotality Case-Shiller indices?

On a non-seasonally adjusted basis, the National Index rose 0.6% and the 10-City and 20-City Composites each gained 0.9%. According to S&P Dow Jones Indices, seasonally adjusted results showed a 0.05% National decline and 0.3%/0.1% gains for the 10-City and 20-City Composites.

How does inflation affect the May 2026 S&P Cotality Case-Shiller home price gains?

Inflation of 4.2% in May 2026 outpaced the 1.1% National home price gain, eroding real values. According to S&P Dow Jones Indices, this produced the 12th straight month of real U.S. home price declines despite modest nominal increases.

What mortgage rate and affordability trends did S&P Global (SPGI) highlight for May 2026 housing data?

Thirty-year mortgage rates averaged about 6.5% in May 2026, well above earlier 3% levels. According to S&P Dow Jones Indices, these elevated borrowing costs, combined with high inflation, continue to constrain housing affordability and dampen demand.

Why was there no May 2026 Detroit S&P Cotality Case-Shiller Index value published?

No valid May 2026 Detroit index was released because of transaction recording delays in Wayne County. According to S&P Dow Jones Indices, there was sufficient data to publish an updated April 2026 Detroit reading instead, shown in Tables 2 and 3.

How far are S&P Cotality Case-Shiller home price indices above recent trough levels as of May 2026?

The National Index stands 14.5% above its January 2023 trough, while the 20-City and 10-City Composites are up 17.2% and 19.9%. According to S&P Dow Jones Indices, all three remain roughly 9–13% above their 2022 peaks.