Home prices rose 4.5 percent year over year in May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, released Tuesday.

Home price appreciation was down slightly from the previous month’s annual gain, when the year-over-year increase was reported at 4.6 percent.

“May’s housing price data were stable,” Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said in a statement. “The National Composite Index rose by 4.5 percent in May 2020, with comparable growth in the 10- and 20-City Composites (up 3.1% and 3.7%, respectively).”

“In contrast with the past eight months, May’s gains were less than April’s,” Lazzara added. “Although prices increased in May, in other words, they did so at a decelerating rate.”

It’s still too early to tell if May’s data indicates an overall deceleration in home price gains, according to Lazzara.

The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month. The indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.

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