US home prices had accelerated for nine straight months ahead of today's Case-Shiller data, and was expected to accelerate further in May (the latest data available).
However, in a notable downside surprise for this slow-moving index, home price growth slowed from a revised lower 3.91% YoY in April to +3.69% YoY in May (well below the +4.00% expected)...
This was the biggest monthly growth disappointment in years.
Phoenix, Seattle, Tampa reported highest year-over-year gains among 19 cities surveyed (Detroit was excluded from the report due to virus-related reporting delays).
New York and San Francisco saw MoM declines in home prices.
Is the urban exodus accelerating?