US Home Prices Stabilize With Regional Variation After Months of Decline

National home prices rose for the fifth straight month in May, now just 1% below June 2022 peak.
Western cities like Seattle and San Francisco saw significant price drops, while Rust Belt cities like Chicago and Cleveland saw gains.
Low supply is driving competition and price increases in many markets, while high mortgage rates reduce affordability.
Despite rate hikes, demand remains relatively high due to insufficient inventory of homes for sale.
Regional variation in home prices is becoming more prominent, with Western cities declining sharply while Rust Belt cities rise.