YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.3% annual gain for April, down from a 6.5% annual gain in the previous month. The 10-City Composite saw an annual increase of 8.0%, down from an 8.3% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 7.2%, dropping from a 7.5% increase in the previous month. San Diego continued to report the highest annual gain among the 20 cities in April with a 10.3% increase this month, followed by New York and Chicago, with increases of 9.4% and 8.7%, respectively. Portland once again held the lowest rank this month for the smallest year-over-year growth, with a 1.7% annual increase in April.
MONTH-OVER-MONTH
The U.S. National Index, the 20-City Composite, and the 10-City Composite upward trends decelerated from last month, with pre-seasonality adjustment increases of 1.2%, 1.36% and 1.38%, respectively.
After seasonal adjustment, the U.S. National Index and 10-City Composite posted the same month-over-month increase of 0.3% and 0.5% respectively as last month, while the 20-City reported a monthly increase of 0.4%.
ANALYSIS
"For the second consecutive month, we've seen our National Index jump at least 1% over its previous all-time high," says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. "2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year.
"Thirteen markets are currently at all-time highs and San Diego reigns supreme once again, topping annual returns for the last six months. The Northeast is the best performing market for the previous nine months, with New York rising 9.4% annually. Sustained outperformance of the Northeast market was last observed in 2011. For the decade that followed, the West and the South held the top posts for performance. It's now been over a year since we've seen the top region come from the South or the West.
"Last month's all-time high came with all 20 markets accelerating price gains. This month, just over half of our markets are seeing prices accelerate on a monthly basis. At 6.3% annual gains, the index has decelerated from the start of the year, with only two markets rising on an annual basis."
SUPPORTING DATA
Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.
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| 2006 Peak | 2012 Trough | Current | ||||||
Index | Level | Date | Level | Date | From Peak
| Level | From Trough
| From Peak
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National | 184.61 | Jul-06 | 134.00 | Feb-12 | -27.4 % | 320.42 | 139.1 % | 73.6 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 329.78 | 146.0 % | 59.7 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 346.89 | 136.9 % | 53.3 % | |
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Table 2 below summarizes the results for April 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
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| April 2024 | April/March | March/February | 1-Year |
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Metropolitan Area | Level | Change (%) | Change (%) | Change (%) |
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Atlanta | 246.17 | 1.3 % | 0.9 % | 5.9 % |
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Boston | 335.33 | 2.2 % | 1.9 % | 7.9 % |
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Charlotte | 277.04 | 1.2 % | 1.1 % | 7.3 % |
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Chicago | 204.95 | 1.7 % | 1.6 % | 8.7 % |
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Cleveland | 188.84 | 1.8 % | 2.4 % | 8.5 % |
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Dallas | 298.56 | 1.2 % | 1.2 % | 3.4 % |
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Denver | 319.92 | 1.3 % | 1.3 % | 2.0 % |
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Detroit | 185.20 | 1.8 % | 1.2 % | 7.2 % |
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Las Vegas | 292.67 | 1.2 % | 0.9 % | 8.3 % |
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Los Angeles | 440.11 | 1.3 % | 1.9 % | 8.6 % |
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Miami | 436.86 | 0.8 % | 0.9 % | 8.2 % |
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Minneapolis | 238.54 | 1.4 % | 1.4 % | 2.9 % |
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New York | 304.81 | 1.3 % | 1.2 % | 9.4 % |
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Phoenix | 326.47 | 0.6 % | 0.5 % | 4.8 % |
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Portland | 327.18 | 1.1 % | 1.5 % | 1.7 % |
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San Diego | 443.36 | 1.2 % | 2.2 % | 10.3 % |
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San Francisco | 362.84 | 2.0 % | 2.6 % | 4.7 % |
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Seattle | 387.90 | 2.0 % | 2.7 % | 7.5 % |
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Tampa | 384.46 | 0.7 % | 0.5 % | 3.6 % |
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Washington | 325.09 | 0.9 % | 1.4 % | 6.4 % |
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Composite-10 | 346.89 | 1.4 % | 1.6 % | 8.0 % |
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Composite-20 | 329.78 | 1.4 % | 1.6 % | 7.2 % |
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U.S. National | 320.42 | 1.2 % | 1.3 % | 6.3 % |
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Sources: S&P Dow Jones Indices and CoreLogic |
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Data through April 2024 |
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Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.
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| April/March Change (%) | March/February Change (%) | |||||
Metropolitan Area | NSA | SA | NSA | SA | |||
Atlanta | 1.3 % | 0.6 % | 0.9 % | 0.1 % | |||
Boston | 2.2 % | 0.6 % | 1.9 % | 0.5 % | |||
Charlotte | 1.2 % | 0.3 % | 1.1 % | 0.2 % | |||
Chicago | 1.7 % | 0.7 % | 1.6 % | 0.8 % | |||
Cleveland | 1.8 % | 1.2 % | 2.4 % | 1.4 % | |||
Dallas | 1.2 % | 0.0 % | 1.2 % | -0.1 % | |||
Denver | 1.3 % | 0.0 % | 1.3 % | -0.7 % | |||
Detroit | 1.8 % | 0.4 % | 1.2 % | 0.3 % | |||
Las Vegas | 1.2 % | 0.5 % | 0.9 % | 0.0 % | |||
Los Angeles | 1.3 % | 0.5 % | 1.9 % | 0.5 % | |||
Miami | 0.8 % | 0.2 % | 0.9 % | 0.4 % | |||
Minneapolis | 1.4 % | 0.1 % | 1.4 % | 0.2 % | |||
New York | 1.3 % | 0.8 % | 1.2 % | 0.9 % | |||
Phoenix | 0.6 % | -0.3 % | 0.5 % | -0.3 % | |||
Portland | 1.1 % | 0.1 % | 1.5 % | 0.2 % | |||
San Diego | 1.2 % | 0.1 % | 2.2 % | 0.4 % | |||
San Francisco | 2.0 % | 0.3 % | 2.6 % | 0.1 % | |||
Seattle | 2.0 % | 0.1 % | 2.7 % | 0.0 % | |||
Tampa | 0.7 % | 0.0 % | 0.5 % | -0.3 % | |||
Washington | 0.9 % | -0.1 % | 1.4 % | 0.1 % | |||
Composite-10 | 1.4 % | 0.5 % | 1.6 % | 0.5 % | |||
Composite-20 | 1.4 % | 0.4 % | 1.6 % | 0.3 % | |||
U.S. National | 1.2 % | 0.3 % | 1.3 % | 0.3 % | |||
Sources: S&P Dow Jones Indices and CoreLogic Data through April 2024 | |||||||
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For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.
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(+1) 212 438 7530
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S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.
The S&P CoreLogic Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.
These indices are generated and published under agreements between S&P Dow Jones Indices and CoreLogic, Inc.
The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller Indices, CoreLogic also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through CoreLogic.
Case-Shiller® and CoreLogic® are trademarks of CoreLogic Case-Shiller, LLC or its affiliates or subsidiaries ("CoreLogic") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by CoreLogic or its predecessors in interest are sponsored, sold, or promoted by CoreLogic, and neither CoreLogic nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.
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