National home prices were 5.9% higher in May compared to a year ago, CoreLogic said Tuesday.

That’s a slightly lower yearly gain than the 6.2% notched in April. Prices rose 1.3% during the month, also slower than the 1.8% monthly increase from March to April.

U.S. house prices continue steady climb.

But with a two-year trend of prices rising between 5% and 6% annually, housing is “an oasis of stability,” CoreLogic’s chief economist, Frank Nothaft, said in a statement.

CoreLogic forecasts an annual price gain of 5.3% over the next twelve months.

Ongoing “solid” price gains are being driven by lean inventory, Nothaft added. But some industry participants are more worried about what might be called a vicious circle in housing: higher prices are keeping some owners from listing their homes for sale out of concern that they might not find something to buy, which keeps inventory tight and prices high.

Meanwhile, prices are rising much more quickly than wages are, making it tough for first-time buyers to enter the market. An index of contract signings slid in May, suggesting the tight inventory and high prices might be depressing market activity.

As always, some markets are more competitive than others.