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The May reading gives loan officers a measured way to talk about prices that are still rising nationally, even as appreciation looks softer.
The S&P Cotality Case-Shiller Home Price Index showed national home prices rising through May, with the U.S. National Index up 1.1% year over year, according to Realtor.com Research on July 28, 2026. That was a small increase from a revised 0.9% annual gain in April.
For mortgage professionals, the read is pretty straightforward: home prices are still positive nationally, but the pace is not exactly running hot. The 10-City Composite rose 2.4% annually and the 20-City Composite rose 1.6%, giving loan officers another data point for buyer conversations about affordability, negotiation, and realistic appreciation expectations.