The Case-Shiller National Index slipped 0.05% in May on a seasonally adjusted basis, marking its third consecutive monthly decline.
The pullback comes as broader housing prices lose momentum: the national index was up 1.1% from a year earlier, while the 10-city and 20-city composites rose 2.4% and 1.6%.
Realtor.com data point to the same cooling trend, with median list prices down year over year for nine straight months after peaking in 2022 and then moving mostly sideways.
June usually marks the seasonal high for median list prices, suggesting further declines through December even if year-over-year Case-Shiller comparisons get harder because last June was already weak.