Today, in the Calculated Risk Real Estate Newsletter: Freddie Mac House Price Index Increased in May; Up 5.9% Year-over-year

A brief excerpt:

On a year-over-year basis, the National FMHPI was up 5.9% in May, down from up 6.4% YoY in April. The YoY increase peaked at 19.1% in July 2021, and for this cycle, bottomed at up 0.9% YoY in April 2023. ...

As of May, 15 states and D.C. were below their previous peaks, Seasonally Adjusted. The largest seasonally adjusted declines from the recent peak were in Idaho (-4.0%), Montana (-2.8%), Wyoming (-1.7%), D.C. (-1.7%), Utah (-1.3%), and Florida (-1.2%).

For cities (Core-based Statistical Areas, CBSA), here are the 30 cities with the largest declines from the peak, seasonally adjusted. Austin continues to be the worst performing city.