NEW
YORK, June 25, 2024 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) today released the April 2024 results for the S&P CoreLogic
Case-Shiller Indices. The leading measure of U.S. home prices shows
that the upward trend decelerated in April
2024. More than 27 years of history are available for the
data series and can be accessed in full by going
to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.
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.
|
2006
Peak
|
2012
Trough
|
Current
|
|
Index
|
Level
|
Date
|
Level
|
Date
|
From Peak
(%)
|
Level
|
From Trough
(%)
|
From Peak
(%)
|
|
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 %
|
|
|
|
|
|
|
|
|
|
|
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.
|
April 2024
|
April/March
|
March/February
|
1-Year
|
|
|
Metropolitan
Area
|
Level
|
Change (%)
|
Change (%)
|
Change (%)
|
|
|
Atlanta
|
246.17
|
1.3 %
|
0.9 %
|
5.9 %
|
|
|
Boston
|
335.33
|
2.2 %
|
1.9 %
|
7.9 %
|
|
|
Charlotte
|
277.04
|
1.2 %
|
1.1 %
|
7.3 %
|
|
|
Chicago
|
204.95
|
1.7 %
|
1.6 %
|
8.7 %
|
|
|
Cleveland
|
188.84
|
1.8 %
|
2.4 %
|
8.5 %
|
|
|
Dallas
|
298.56
|
1.2 %
|
1.2 %
|
3.4 %
|
|
|
Denver
|
319.92
|
1.3 %
|
1.3 %
|
2.0 %
|
|
|
Detroit
|
185.20
|
1.8 %
|
1.2 %
|
7.2 %
|
|
|
Las Vegas
|
292.67
|
1.2 %
|
0.9 %
|
8.3 %
|
|
|
Los Angeles
|
440.11
|
1.3 %
|
1.9 %
|
8.6 %
|
|
|
Miami
|
436.86
|
0.8 %
|
0.9 %
|
8.2 %
|
|
|
Minneapolis
|
238.54
|
1.4 %
|
1.4 %
|
2.9 %
|
|
|
New York
|
304.81
|
1.3 %
|
1.2 %
|
9.4 %
|
|
|
Phoenix
|
326.47
|
0.6 %
|
0.5 %
|
4.8 %
|
|
|
Portland
|
327.18
|
1.1 %
|
1.5 %
|
1.7 %
|
|
|
San Diego
|
443.36
|
1.2 %
|
2.2 %
|
10.3 %
|
|
|
San
Francisco
|
362.84
|
2.0 %
|
2.6 %
|
4.7 %
|
|
|
Seattle
|
387.90
|
2.0 %
|
2.7 %
|
7.5 %
|
|
|
Tampa
|
384.46
|
0.7 %
|
0.5 %
|
3.6 %
|
|
|
Washington
|
325.09
|
0.9 %
|
1.4 %
|
6.4 %
|
|
|
Composite-10
|
346.89
|
1.4 %
|
1.6 %
|
8.0 %
|
|
|
Composite-20
|
329.78
|
1.4 %
|
1.6 %
|
7.2 %
|
|
|
U.S.
National
|
320.42
|
1.2 %
|
1.3 %
|
6.3 %
|
|
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
|
|
|
|
Data through April
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji.
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delivers real-time commentary and analysis from industry experts
across S&P Global on a wide range of topics impacting
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the United States. Readers and
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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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SOURCE S&P Dow Jones Indices