US home price growth cooled in May for second straight month

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Home price increases slowed in May for the second consecutive month, the latest sign that rising mortgage rates are starting to slow activity in the housing market.

Prices climbed 19.7% nationally in May from the previous year, down slightly from the gain of 20.6% recorded in April, the S&P CoreLogic Case-Shiller index showed on Tuesday. 

"Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels," Craig Lazzara, a managing director at S&P Dow Jones Indices, said. "Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile historically."

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