S&P CORELOGIC CASE-SHILLER INDEX ALL-TIME HIGHS CONTINUE IN JULY 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 5.0% annual gain for July 2024, down from 5.5% in the previous month. The 10-City and 20-City Composites saw annual increases of 6.8% and 5.9% respectively, both lower than the previous month. New York led with the highest annual gain of 8.8%, followed by Las Vegas (8.2%) and Los Angeles (7.2%).
The National Index has seen 14 consecutive record highs, accounting for seasonality. However, growth is decelerating, with all but two markets slowing down last month. Low-price tiers in most markets outperformed on 3 and 5-year horizons, with Tampa's low-price tier showing the best 5-year performance nationally at 88%.
Regionally, the Northeast remains the best performing market, followed by the Midwest. All markets in these regions recorded all-time highs. The South reported the slowest gains but includes five of the seven best-performing markets since 2020.
L'indice S&P CoreLogic Case-Shiller dei prezzi delle abitazioni nazionali NSA degli Stati Uniti ha riportato un guadagno annuale del 5,0% per luglio 2024, in calo rispetto al 5,5% nel mese precedente. I compositi delle 10 città e delle 20 città hanno visto aumenti annuali rispettivamente del 6,8% e del 5,9%, entrambi inferiori rispetto al mese precedente. New York ha guidato con il maggior guadagno annuale dell'8,8%, seguita da Las Vegas (8,2%) e Los Angeles (7,2%).
L'indice nazionale ha registrato 14 massimi storici consecutivi, tenendo conto della stagionalità. Tuttavia, la crescita sta rallentando, con tutti tranne due mercati che hanno mostrato un rallentamento il mese scorso. I settori a prezzo basso nella maggior parte dei mercati hanno sovraperformato nei periodi di 3 e 5 anni, con il settore a prezzo basso di Tampa che ha mostrato la migliore performance nazionale a 5 anni con l'88%.
A livello regionale, il Nordest rimane il mercato con le migliori performance, seguito dal Midwest. Tutti i mercati in queste regioni hanno registrato massimi storici. Il Sud ha riportato i guadagni più lenti ma comprende cinque dei sette mercati migliori dal 2020.
El índice nacional de precios de viviendas NSA de S&P CoreLogic Case-Shiller de EE. UU. informó un aumento anual del 5,0% para julio de 2024, disminuyendo del 5,5% en el mes anterior. Los composites de las 10 ciudades y 20 ciudades vieron incrementos anuales de 6,8% y 5,9% respectivamente, ambos inferiores al mes anterior. Nueva York lideró con el mayor aumento anual del 8,8%, seguido de Las Vegas (8,2%) y Los Ángeles (7,2%).
El índice nacional ha visto 14 máximos históricos consecutivos, considerando la estacionalidad. Sin embargo, el crecimiento se está desacelerando, con todos los mercados excepto dos ralentizando el mes pasado. Los niveles de precios bajos en la mayoría de los mercados superaron el rendimiento en horizontes de 3 y 5 años, siendo el nivel de precios bajos de Tampa el que mostró el mejor rendimiento nacional a 5 años con un 88%.
A nivel regional, el Noreste sigue siendo el mercado de mejor rendimiento, seguido del Medio Oeste. Todos los mercados en estas regiones registraron máximos históricos. El Sur reportó los aumentos más lentos, pero incluye cinco de los siete mercados de mejor rendimiento desde 2020.
S&P CoreLogic Case-Shiller의 미국 국가 주택 가격 NSA 지수는 2024년 7월에 대해 5.0%의 연간 상승률을 보고했고, 이는 이전 달의 5.5%에서 감소한 수치입니다. 10개 도시와 20개 도시 복합 지수는 각각 6.8% 및 5.9%의 연간 상승률을 기록했으며, 두 수치 모두 이전 달보다 낮습니다. 뉴욕은 8.8%의 가장 높은 연간 상승률을 기록하며 선두를 차지했고, 라스베가스(8.2%)와 로스앤젤레스(7.2%)가 뒤를 이었습니다.
국가 지수는 14개월 연속 역사적 최고치를 기록했으며, 계절성을 고려한 수치입니다. 그러나 성장률이 둔화되고 있으며, 두 개의 시장을 제외한 모든 시장이 지난 달에 둔화되었다고 보고되었습니다. 대부분의 시장에서 저가격 구간이 3년 및 5년의 기간에서 성과를 올렸으며, 탐파의 저가격 구간이 전국에서 5년 성과에서 88%로 가장 높은 성과를 보였습니다.
지역적으로 볼 때 북동부는 최고의 성과를 내고 있는 시장으로, 중서부가 뒤를 따릅니다. 이들 지역의 모든 시장은 사상 최고치를 기록했습니다. 남부 지역은 가장 느린 상승률을 보였으나 2020년 이후 최고의 성과를 내고 있는 7개 시장 중 5개를 포함하고 있습니다.
L'indice NSA des prix des maisons de S&P CoreLogic Case-Shiller pour les États-Unis a signalé un gain annuel de 5,0% pour juillet 2024, en baisse par rapport à 5,5% le mois précédent. Les indices composites des 10 villes et des 20 villes ont connu des augmentations annuelles respectives de 6,8% et 5,9%, toutes deux inférieures au mois précédent. New York a mené avec le gain annuel le plus élevé de 8,8%, suivi de Las Vegas (8,2%) et Los Angeles (7,2%).
L'indice national a connu 14 sommets records consécutifs, en tenant compte de la saisonnalité. Cependant, la croissance décélère, et tous les marchés sauf deux ont ralenti le mois dernier. Les segments de prix bas dans la plupart des marchés ont surpassé ceux sur des horizons de 3 et 5 ans, avec le segment de prix bas de Tampa montrant la meilleure performance nationale sur 5 ans à 88%.
Régionalement, le Nord-Est reste le marché le plus performant, suivi par le Midwest. Tous les marchés de ces régions ont enregistré des sommets historiques. Le Sud a rapporté les gains les plus lents mais comprend cinq des sept marchés les mieux performants depuis 2020.
Der S&P CoreLogic Case-Shiller US National Home Price NSA Index meldete einen jährlichen Anstieg von 5,0% im Juli 2024, was einen Rückgang von 5,5% im Vormonat darstellt. Die 10-Städte- und 20-Städte-Komposits verzeichneten jährliche Zuwächse von 6,8% und 5,9% respectively, beide niedriger als im Vormonat. New York führte mit dem höchsten jährlichen Anstieg von 8,8%, gefolgt von Las Vegas (8,2%) und Los Angeles (7,2%).
Der nationale Index hat 14 aufeinanderfolgende Rekordhöhen gesehen, wobei Saisonabhängigkeiten berücksichtigt werden. Das Wachstum verlangsamt sich jedoch, wobei alle bis auf zwei Märkte im letzten Monat langsamer wurden. Niedrigpreisige Segmente in den meisten Märkten übertrafen die 3- und 5-Jahres-Horizonte, wobei das niedrigpreisige Segment von Tampa die beste nationale 5-Jahres-Leistung mit 88% zeigte.
Regional bleibt der Nordosten der am besten abschneidende Markt, gefolgt vom Mittleren Westen. Alle Märkte in diesen Regionen verzeichneten Allzeithöchststände. Der Süden meldete die langsamsten Zuwächse, umfasst jedoch fünf der sieben am besten abschneidenden Märkte seit 2020.
- S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reached a new all-time high in July 2024
- New York reported the highest annual gain among the 20 cities with an 8.8% increase
- The National Index has seen 14 consecutive record highs, accounting for seasonality
- Low-price tiers in most markets outperformed on 3 and 5-year horizons
- All markets in the Northeast and Midwest recorded all-time highs
- Annual gains for the National Index, 10-City Composite, and 20-City Composite all decreased compared to the previous month
- Growth is decelerating, with all but two markets slowing down last month
- Eight markets saw monthly declines in July
- The South reported the slowest gains regionally
Insights
The latest S&P CoreLogic Case-Shiller Index report reveals a continuing trend of record-high home prices, albeit with a decelerating growth rate. The U.S. National Home Price NSA Index showed a
Key observations:
- New York leads with an
8.8% annual gain - 14 consecutive record highs in the National Index
- Low-price tier homes outperforming in most markets
- Northeast remains the best-performing region
The persistent rise in home prices, despite slowing growth, suggests continued demand in the housing market. However, the deceleration may indicate a gradual normalization, potentially offering some relief to homebuyers facing affordability challenges. Investors should monitor this trend closely, as it could impact real estate investments and related sectors.
The Case-Shiller Index report provides valuable insights for investors in the real estate and financial sectors. Despite the continued rise in home prices, the decelerating growth rate warrants attention. This trend could impact various areas:
- Mortgage lenders: Potential slowdown in loan demand as affordability becomes a concern
- Homebuilders: Possible pressure on profit margins if material costs remain high while price growth slows
- REITs: Mixed implications depending on property types and locations
- Home improvement retailers: Potential moderation in sales growth if home equity gains slow
The outperformance of low-price tier homes suggests opportunities in affordable housing investments. However, regional variations, such as the Northeast's strong performance, highlight the importance of geographic diversification in real estate portfolios. Investors should closely monitor interest rates and economic indicators, as these factors will influence the housing market's trajectory and related investment opportunities.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The
After seasonal adjustment, the
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
Regionally, the Northeast remains the best performing market, with
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 (%) | ||||||
250.14 | 0.15 % | 0.73 % | 4.49 % | |||||||
339.68 | 0.03 % | 0.66 % | 6.46 % | |||||||
Charlotte | 281.88 | 0.23 % | 0.48 % | 5.83 % | ||||||
210.41 | 0.45 % | 1.01 % | 6.67 % | |||||||
195.71 | 1.10 % | 0.75 % | 6.97 % | |||||||
301.67 | -0.11 % | 0.39 % | 1.87 % | |||||||
322.21 | -0.40 % | 0.26 % | 1.32 % | |||||||
191.19 | 0.39 % | 1.13 % | 6.65 % | |||||||
301.37 | 0.88 % | 0.85 % | 8.24 % | |||||||
445.63 | -0.28 % | 0.56 % | 7.23 % | |||||||
443.98 | 0.31 % | 0.63 % | 6.46 % | |||||||
243.21 | 0.14 % | 0.65 % | 2.03 % | |||||||
314.38 | 0.52 % | 0.74 % | 8.76 % | |||||||
329.54 | 0.09 % | 0.43 % | 2.88 % | |||||||
332.28 | -0.01 % | 0.13 % | 0.84 % | |||||||
446.55 | -0.58 % | 0.62 % | 7.19 % | |||||||
363.20 | -1.09 % | 0.30 % | 3.38 % | |||||||
397.29 | -0.05 % | 0.57 % | 6.01 % | |||||||
387.84 | -0.10 % | 0.23 % | 2.24 % | |||||||
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 % | ||||||
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 | |||
0.15 % | 0.08 % | 0.73 % | 0.19 % | ||||
0.03 % | 0.39 % | 0.66 % | 0.34 % | ||||
Charlotte | 0.23 % | 0.21 % | 0.48 % | -0.04 % | |||
0.45 % | 0.31 % | 1.01 % | 0.24 % | ||||
1.10 % | 0.37 % | 0.75 % | 0.26 % | ||||
-0.11 % | 0.04 % | 0.39 % | -0.06 % | ||||
-0.40 % | 0.03 % | 0.26 % | 0.18 % | ||||
0.39 % | 0.43 % | 1.13 % | 0.52 % | ||||
0.88 % | 0.47 % | 0.85 % | 0.23 % | ||||
-0.28 % | 0.28 % | 0.56 % | 0.56 % | ||||
0.31 % | 0.38 % | 0.63 % | -0.02 % | ||||
0.14 % | 0.18 % | 0.65 % | 0.08 % | ||||
0.52 % | 0.50 % | 0.74 % | 0.68 % | ||||
0.09 % | 0.18 % | 0.43 % | -0.25 % | ||||
-0.01 % | 0.29 % | 0.13 % | -0.24 % | ||||
-0.58 % | 0.12 % | 0.62 % | 0.70 % | ||||
-1.09 % | -0.42 % | 0.30 % | 0.63 % | ||||
-0.05 % | 1.08 % | 0.57 % | 0.87 % | ||||
-0.10 % | -0.26 % | 0.23 % | 0.00 % | ||||
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 % | |||
0.10 % | 0.18 % | 0.49 % | 0.18 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through July 2024 | |||||||
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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
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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.
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FAQ
What was the annual gain for the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index in July 2024?
Which city reported the highest annual gain in home prices for July 2024 according to the S&P CoreLogic Case-Shiller Index?
How many consecutive record highs has the S&P CoreLogic Case-Shiller National Index seen as of July 2024?
Which regions performed best in the S&P CoreLogic Case-Shiller Index for July 2024?
