Chicago and New York Lead in Home Value Growth as Prices Remain Sluggish Nationwide

National home value growth picked up slightly in May, led by gains in supply-constrained, high-demand metros in the Midwest and Northeast, while the West continued struggling. The value of single-family homes as measured by repeat transactions rose 1.1% nationally in May compared to a year ago, up from a 0.9% annual uptick the month prior, according to data from the S&P Cotality Case-Shiller Index released Tuesday.Among the 20 cities tracked by the index, Chicago led the nation for the third straight month with a 6.9% annual gain, followed once again by New York (4.2%) and Cleveland (3.1%).Nationally, home values continued to decline in real terms in May as inflation climbed to 4.2%—its highest level in over three years—outpacing the national home price gain for the 12th consecutive month."Even on a nominal basis, the market remains noticeably weaker than a year ago," says Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices. "In May 2025, the National Home Price Index was up 2.4% year over year."Fragmented marketOn the other hand, Las Vegas posted May's largest decline, falling 1.9% year over year, with Seattle, WA (-1.8%), Denver, CO (-1.8%), and Ta...