As shown below, home prices around the country as measured by S&P Case-Shiller decelerated into the month of May.

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Below we show our heatmap of historical YoY home price growth around the country using S&P Case-Shiller numbers.  The Pacific Northwest continues to show frankly rabid appreciation with Portland and Seattle both up double-digits YoY.  Dallas and Denver are also strong, while even a condo glut in Miami that has slowed activity couldn’t stop Floridian cities from putting in a good showing. The “Rust Belt” cities of Chicago and Cleveland are very weak, as is the nation’s capital and New York City.  We note that while relatively strong YoY, San Franciscan home prices were the worst in the country over the past 3 months, falling 4.45% at an annual rate.

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