No letup in home price gains in May, Case-Shiller

The numbers: Home prices set another record in May, according to the latest edition of the S&P CoreLogic Case-Shiller Home Price Index.

The national index recorded an increase of 16.6% over the past year, up from the prior record of 14.8% set last month. The separate 20-city index, which gauges home prices across a group of major cities across the country, increased at over the past year by 17% in May, up from 15% in the prior month.

The big picture: Although not reflected in the data, economists see signs that boom conditions in the housing market are starting to ease. On Monday, the government reported that new home sales in June were 32% below their peak set in January and sales prices were softening.

Market reaction: U.S. stocks

were set to open lower on Tuesday after the smaller-than-expected gain in durable goods.

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