House prices in the United States rose by less than expected 19.7% in May on average compared to the same month a year ago, according to the S&P CoreLogic Case-Shiller report published on Tuesday.
The 10-City Composite annual increase was slightly higher compared to April at 19%, while the 20-City Composite expansion also slowed down to 20.5% in the same month, with the cities of Tampa, Miami, and Dallas reporting the highest annual gains.
"We've noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that was ongoing as our May data were gathered. Accordingly, a more-challenging macroeconomic environment may not support extraordinary home price growth for much longer," Managing Director Craig Lazzara noted in the report.
