Home prices continue to break records, but the pace of increases is slowing.

Nationwide, prices were up 5.4% in June compared with the same month in 2023, slowing from a 5.9% annual increase in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

What You Need To Know

  • Home prices continue to break records, but the pace of increases is slowing

  • Nationwide, prices were up 5.4% in June compared with the same month in 2023, slowing from a 5.9% annual increase in May

  • Prices in the country’s largest 10 cities were up 7.4% in June compared with the same month in 2023, slowing from a 7.8% annual increase the month earlier

  • New York saw the largest annual gain among the country’s largest cities, increasing 9% in June

Prices in the country’s largest 10 cities were up 7.4% in June compared with the same month in 2023, slowing from a 7.8% annual increase the month earlier.

New York saw the largest annual gain among the country’s largest cities, increasing 9% in June. San Diego and Las Vegas rounded out the top three with price gains of 8.7% and 8.5% respectively. Portland, Ore., saw the slowest pace of home price increases, rising just 0.8% year over year.

Over the past five years, home prices are increasing fastest at the low end of the market. In New York, low-priced homes have risen 20% faster than middle- and higher-tiered homes.

“Home prices and inflation continue to factor into the political agenda coming into the election season,” S&P CoreLogic Case-Shiller Head of Commodities Brian D. Luke said in a statement. “While both housing and inflation have slowed, the gap between the two is larger than historical norms.”

National home prices are 2.8% higher than the Consumer Price Index — 1% higher than the historical average. Factoring in inflation, home prices have more than doubled since 1974.