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S&P CORELOGIC CASE-SHILLER INDEX ALL-TIME HIGHS CONTINUE IN JULY 2024
NEW YORK, Sept. 24, 2024 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the July 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices reached a new all-time high with a decelerating trend for July 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 5.0% annual gain for July, down from a 5.5% annual gain in the previous month. The 10-City Composite saw an annual increase of 6.8%, down from a 7.4% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 5.9%, dropping from a 6.5% increase in the previous month. New York again reported the highest annual gain among the 20 cities with an 8.8% increase in July, followed by Las Vegas and Los Angeles with annual increases of 8.2% and 7.2%, respectively. Portland held the lowest rank for the smallest year-over-year growth, notching the same 0.8% annual increase in July as last month.
MONTH-OVER-MONTH
The U.S. National Index, the 20-City Composite, and the 10-City Composite upward trends continued to decelerate from last month, with pre-seasonality adjustment increases of 0.1% for the national index, and both the 20-City and 10-City Composites remained unchanged on the month.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.2%, while both the 20-City and 10-City Composite reported a monthly rise of 0.3%.
ANALYSIS
"Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index," says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. "While the S&P 500 has achieved thirty-nine record highs and the S&P GSCI Gold TR hit thirty-five record highs, housing is following a similar trajectory. The growth has come at a cost, with all but two markets decelerating last month, eight markets seeing monthly declines, and the slowest annual growth nationally in 2024. Overall, the indices continue to grow at a rate that exceeds long-run averages after accounting for inflation."
Luke continued, "We continue to observe out-performance in most low-price tiers in the market on a 3 and 5-year horizon. The low-price tier of Tampa was the best performing market nationally with 5-year performance of 88%. The New York market was the best market annually, posting a gain of 8.9%. New York's low-tier index, which include home values up to $533,000, helped drive that growth with 10.8% annual gains. Over 5-years, markets such as New York and Atlanta, saw low price tiered indices outperforming their market by as much as 20% and 18%, respectively. The relative outperformance of low-price tiered indices has both benefited first time homebuyers as well as made it more difficult to for those looking for a stater home. The opposite is happening in California which has the most expensive high-price tiers in the nation, all well over $1 million. The rich are getting richer in San Diego, Los Angeles, and San Francisco where their high price-tiered indices outperformed on a 1- and 3-year basis.
Regionally, the Northeast remains the best performing market, with New York the top performer for 3-months running, followed by the Midwest region. All markets in the Northeast and Midwest recorded an all-time high. The south reported the slowest gains regionally but includes five of the seven best performing markets since 2020," according to Luke.
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 % | 325.78 | 143.1 % | 76.5 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 335.77 | 150.4 % | 62.6 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 353.24 | 141.2 % | 56.1 % | |
Table 2 below summarizes the results for July 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
July 2024 | July/June | June/May | 1-Year | |||||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||||
Atlanta | 250.14 | 0.15 % | 0.73 % | 4.49 % | ||||||
Boston | 339.68 | 0.03 % | 0.66 % | 6.46 % | ||||||
Charlotte | 281.88 | 0.23 % | 0.48 % | 5.83 % | ||||||
Chicago | 210.41 | 0.45 % | 1.01 % | 6.67 % | ||||||
Cleveland | 195.71 | 1.10 % | 0.75 % | 6.97 % | ||||||
Dallas | 301.67 | -0.11 % | 0.39 % | 1.87 % | ||||||
Denver | 322.21 | -0.40 % | 0.26 % | 1.32 % | ||||||
Detroit | 191.19 | 0.39 % | 1.13 % | 6.65 % | ||||||
Las Vegas | 301.37 | 0.88 % | 0.85 % | 8.24 % | ||||||
Los Angeles | 445.63 | -0.28 % | 0.56 % | 7.23 % | ||||||
Miami | 443.98 | 0.31 % | 0.63 % | 6.46 % | ||||||
Minneapolis | 243.21 | 0.14 % | 0.65 % | 2.03 % | ||||||
New York | 314.38 | 0.52 % | 0.74 % | 8.76 % | ||||||
Phoenix | 329.54 | 0.09 % | 0.43 % | 2.88 % | ||||||
Portland | 332.28 | -0.01 % | 0.13 % | 0.84 % | ||||||
San Diego | 446.55 | -0.58 % | 0.62 % | 7.19 % | ||||||
San Francisco | 363.20 | -1.09 % | 0.30 % | 3.38 % | ||||||
Seattle | 397.29 | -0.05 % | 0.57 % | 6.01 % | ||||||
Tampa | 387.84 | -0.10 % | 0.23 % | 2.24 % | ||||||
Washington | 331.58 | 0.11 % | 0.59 % | 5.53 % | ||||||
Composite-10 | 353.24 | 0.01 % | 0.63 % | 6.77 % | ||||||
Composite-20 | 335.77 | 0.04 % | 0.61 % | 5.92 % | ||||||
U.S. National | 325.78 | 0.10 % | 0.49 % | 4.96 % | ||||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||||
Data through July 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.
July/June Change (%) | June/May Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
Atlanta | 0.15 % | 0.08 % | 0.73 % | 0.19 % | |||
Boston | 0.03 % | 0.39 % | 0.66 % | 0.34 % | |||
Charlotte | 0.23 % | 0.21 % | 0.48 % | -0.04 % | |||
Chicago | 0.45 % | 0.31 % | 1.01 % | 0.24 % | |||
Cleveland | 1.10 % | 0.37 % | 0.75 % | 0.26 % | |||
Dallas | -0.11 % | 0.04 % | 0.39 % | -0.06 % | |||
Denver | -0.40 % | 0.03 % | 0.26 % | 0.18 % | |||
Detroit | 0.39 % | 0.43 % | 1.13 % | 0.52 % | |||
Las Vegas | 0.88 % | 0.47 % | 0.85 % | 0.23 % | |||
Los Angeles | -0.28 % | 0.28 % | 0.56 % | 0.56 % | |||
Miami | 0.31 % | 0.38 % | 0.63 % | -0.02 % | |||
Minneapolis | 0.14 % | 0.18 % | 0.65 % | 0.08 % | |||
New York | 0.52 % | 0.50 % | 0.74 % | 0.68 % | |||
Phoenix | 0.09 % | 0.18 % | 0.43 % | -0.25 % | |||
Portland | -0.01 % | 0.29 % | 0.13 % | -0.24 % | |||
San Diego | -0.58 % | 0.12 % | 0.62 % | 0.70 % | |||
San Francisco | -1.09 % | -0.42 % | 0.30 % | 0.63 % | |||
Seattle | -0.05 % | 1.08 % | 0.57 % | 0.87 % | |||
Tampa | -0.10 % | -0.26 % | 0.23 % | 0.00 % | |||
Washington | 0.11 % | 0.41 % | 0.59 % | 0.46 % | |||
Composite-10 | 0.01 % | 0.28 % | 0.63 % | 0.55 % | |||
Composite-20 | 0.04 % | 0.27 % | 0.61 % | 0.47 % | |||
U.S. National | 0.10 % | 0.18 % | 0.49 % | 0.18 % | |||
Sources: S&P Dow Jones Indices and CoreLogic Data through July 2024 | |||||||
For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.
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FOR MORE INFORMATION:
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New York, USA
(+1) 212 438 7530
april.kabahar@spglobal.com
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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