TAMPA, Fla. — Tampa led the country with the highest year-over-year price increase in may at 36.1 percent, according to the latest numbers from the S&P DJI Case-Shiller Home Price Index.
Following Tampa at the top of the list was Miami, which saw a year-over-year price increase in May of 34 percent. Dallas was third in the nation with a year-over-year price increase of 30.8 percent.
Tampa also posted the largest month-over-month gain of any city in the country at 2.9 percent from April to May.
“We’ve noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that was ongoing as our May data were gathered," said Craig J. Lazzara, managing director at S&P DJI. "Accordingly, a more-challenging macroeconomic environment may not support extraordinary home price growth for much longer.”
According to S&P, the national home price index showed a year-over-year jump of 19.7 percent in May, which was down nearly one percent from April.