Via Cotality.

The pace of United States home-price growth topped 1% for the first time in 2026 in May, although price changes varied widely by geographic region, with the Midwest and Northeast continuing to show strength as the Sunbelt and West faced headwinds. 

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index rose 1.1% year over year in May, compared to a 0.8% gain in April. Month over month, the index rose 0.6%.  

S&P Dow Jones noted that inflation continued to outpace national home-price appreciation, with May’s 4.2% inflation outpacing the 1.1% price increase by 3.1 percentage points. 

“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.” 

In Atlanta, home prices inched 0.03% higher year over year and 0.69% month over month in May.   

“The May data reveals a market with potential for a seasonal rebound,” Cotality Principal Economist Thomas Malone said separately. “While May’s month-over-month increase of 0.6% is below the pre-pandemic norm, the uptick in the annual appreciation rate suggests that while affordability issues are keeping demand weak, low inventory levels are creating a floor for prices on the supply side.”