Today’s report from Case Shiller showed that the pace of home price appreciation is moderating, as its 20-city index rose 4.9% in the year-over-year period ending in May. This reading was less than the 5.6% consensus expectation and was down slightly from the 5% gain in April. The S&P/Case-Shiller index is based on a three-month average, which means the May figure was also influenced by transactions in April and March. On a month-over-month basis, property values fell 0.2%, the largest monthly drop since July 2014. Recent housing data has been mixed as sales of existing homes in June jumped to their highest annualized rate since February 2007, while sales of new homes fell to their slowest pace since November.