The latest S&P Cotality Case-Shiller® Home Price Index® numbers were published today.
The new report covers home sales from March to May 2026. This means the typical home sale closed in mid-April, more than 3 months ago. We should remember that Case-Shiller data is based on older sales and does not include data from June 2026 onward.
Figures for Detroit were not made available again because data from the largest county in that area were not received in time. There were 18 cities showing rising prices, while San Diego was the only one to decline month-to-month. This time Phoenix returned to positive territory, so we were no longer the lone outlier we were in the previous report. The ignominy fell to our neighbors in San Diego CA.
Comparing with the previous month’s series, we see the following changes:
| Rank | Metropolitan Area | % Change |
|---|---|---|
| 1 | MA-Boston | +1.83% |
| 2 | IL-Chicago | +1.62% |
| 3 | NY-New York | +1.36% |
| 4 | OH-Cleveland | +1.16% |
| 5 | MN-Minneapolis | +1.07% |
| 6 | TX-Dallas | +1.00% |
| 7 | CA-San Francisco | +0.81% |
| 8 | DC-Washington | +0.75% |
| 9 | GA-Atlanta | +0.69% |
| 10 | FL-Tampa | +0.66% |
| 11 | FL-Miami | +0.62% |
| 12 | CA-Los Angeles | +0.56% |
| 13 | OR-Portland | +0.53% |
| 14 | NC-Charlotte | +0.51% |
| 15 | WA-Seattle | +0.47% |
| 16 | AZ-Phoenix | +0.45% |
| 17 | NV-Las Vegas | +0.29% |
| 18 | CO-Denver | +0.24% |
| 19 | CA-San Diego | -0.10% |
| National average +0.64%. Detroit not reported this month. | ||
Phoenix recovered some ground relative to the other cities, climbing from 19th to 16th. The national average was +0.64%, the fourth positive average we have seen in the last nine months. Phoenix, at +0.45%, sits just below that national average and remains in the lower half of the table.
Comparing year over year, we see the following changes:
| Rank | Metropolitan Area | % Change |
|---|---|---|
| 1 | IL-Chicago | +6.93% |
| 2 | NY-New York | +4.23% |
| 3 | OH-Cleveland | +3.09% |
| 4 | MA-Boston | +2.75% |
| 5 | CA-San Francisco | +2.21% |
| 6 | MN-Minneapolis | +1.83% |
| 7 | FL-Miami | +1.81% |
| 8 | CA-San Diego | +0.94% |
| 9 | DC-Washington | +0.79% |
| 10 | CA-Los Angeles | +0.57% |
| 11 | NC-Charlotte | +0.49% |
| 12 | GA-Atlanta | +0.03% |
| 13 | OR-Portland | -0.79% |
| 14 | TX-Dallas | -0.92% |
| 15 | AZ-Phoenix | -1.29% |
| 16 | FL-Tampa | -1.63% |
| 17 | CO-Denver | -1.75% |
| 18 | WA-Seattle | -1.83% |
| 19 | NV-Las Vegas | -1.86% |
| U.S. average +1.11%. Detroit not reported this month. | ||
Phoenix is still an under-performer in the year-over-year table, and it remains in 15th place, the same as last month.
The average for the USA was +1.11%, so Phoenix is still well below that at -1.29%. When inflation is taken into account, 17 of the 19 cities have lower home prices than a year ago. Only Chicago at 6.93% and New York at 4.23% beat the latest inflation reading of 3.5%.