The housing market has grown less affordable over the last 4 months, even as prices just saw their biggest annual decline in a decade

• Home prices just saw their biggest year-over-year drop since 2012, Case-Shiller data shows.
• But on a monthly basis, home prices rose for the fourth consecutive month in May.
• High mortgage rates and low housing inventory are still keeping buyers sidelined.

Is the housing market getting more or less affordable? It depends on how big of a snapshot you take. 

On an annual basis, home prices declined 0.5% in May, according to the S&P CoreLogic Case-Shiller National Home Price Index. That’s the steepest year-over-year drop since 2012. The prior month saw a 0.1% annual dip.