While home prices went up in May, the US housing market is bracing for a cooldown, a CoreLogic report predicts.

According to CoreLogic's Home Price Index, national home prices in May increased by 4.8% compared to May 2019 and 0.7% compared to the month before. CoreLogic attributed these increases to the strong pre-pandemic market and the pent-up buyer demand that flooded the market at the end of spring and beginning of summer.

However, CoreLogic sees the reality of a long-lived recession sinking in among homebuyers along with a spike in reported coronavirus cases, and predicts that June data will show a 0.1% month-over-month price decline, which will accelerate after that.

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