An inflation storm is coming for the U.S. housing market

Fast-rising housing costs have helped to push inflation to a 13-year high. But the way that government statisticians track the price of consumer goods may be missing just how explosive home-price growth has been in recent months.

Housing costs rose by 0.4% between April and May, according to the latest edition of the monthly consumer price index released Thursday by the Bureau of Labor Statistics. Compared with last year, housing prices for renters and homeowners alike were up 2.2%.

Altogether, the rise in housing prices accounted for over a quarter of the overall increase...