S&P CORELOGIC CASE-SHILLER INDEX BREAKS PREVIOUS MONTH'S ALL-TIME HIGH IN APRIL 2024
S&P Dow Jones Indices (S&P DJI) reported that the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index saw a 6.3% annual gain in April 2024, down from 6.5% in the previous month. The 10-City Composite had an 8.0% annual increase, a slight drop from 8.3%. Similarly, the 20-City Composite posted a year-over-year increase of 7.2%, slightly down from 7.5%. Month-over-month, the U.S. National Index increased by 1.2%, the 20-City Composite by 1.36%, and the 10-City Composite by 1.38% before seasonal adjustments. Post-adjustment, the indices showed modest gains. San Diego led with a 10.3% annual increase, followed by New York and Chicago at 9.4% and 8.7%, respectively. The Northeast market has outperformed others for nine consecutive months. Despite hitting new peaks, the growth rate has decelerated compared to earlier months.
- The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index saw a 6.3% annual gain in April 2024.
- San Diego reported the highest annual gain of 10.3%, followed by New York and Chicago at 9.4% and 8.7%, respectively.
- Thirteen markets are currently at all-time highs.
- Northeast region outperformed other regions for nine consecutive months.
- Annual gain in the U.S. National Index decreased from 6.5% to 6.3%.
- 10-City Composite annual increase dropped from 8.3% to 8.0%.
- 20-City Composite year-over-year increase fell from 7.5% to 7.2%.
- Only just over half of the markets are seeing prices accelerate on a monthly basis compared to all 20 markets last month.
Insights
The S&P CoreLogic Case-Shiller Indices showed a deceleration in the upward trend of home prices for April 2024, albeit still achieving new all-time highs. This performance is noteworthy for investors considering the long-term appreciation potential in real estate.
Short-term implications: The deceleration hints at a potential stabilization in housing prices, which may provide opportunities for buyers who had been priced out of the market previously. On the other hand, sellers may experience pressure to adjust their price expectations downward.
Long-term view: The sustained annual gains indicate that the real estate market remains resilient, supported by ongoing demand and limited supply in key metropolitan areas. This could make real estate investments attractive for those looking into long-term asset appreciation.
Regional variances: San Diego's 10.3% annual increase highlights the exceptional performance of specific markets, suggesting that regional factors significantly impact home price dynamics. Meanwhile, areas like Portland with only a 1.7% increase may present different investment risk profiles.
Retail investors should consider both the broader national trends and specific regional market dynamics when making investment decisions. The data underscores the importance of geographic diversification within real estate portfolios.
The Case-Shiller Index provides critical insights into housing market dynamics by tracking single-family home prices across various regions. The continued increase in home prices, albeit at a slower rate, reflects a complex interplay of high demand and constrained supply.
Seasonal Adjustments: The minor month-over-month increases after seasonal adjustments suggest that while prices are still rising, the market may be nearing a cyclical peak typical for the summer months. This could mean a potential cooling period approaching, which is important for timing market entry or exit.
Market segmentation: Observing different gains in cities like San Diego and Portland indicates that local economic conditions, employment rates and migration patterns have a strong influence on real estate prices. For example, San Diego's consistent performance could be attributed to ongoing tech sector growth and lifestyle factors.
Investor sentiment: The data indicating deceleration in price growth might make investors more cautious, potentially leading to a more measured investment approach. Moreover, the historical data showing the peaks and troughs of the housing indices emphasize the cyclical nature of real estate markets.
Retail investors should stay informed about local market conditions and broader economic indicators to make well-rounded decisions. The Case-Shiller Index serves as a valuable barometer for understanding these dynamics.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The
After seasonal adjustment, the
ANALYSIS
"For the second consecutive month, we've seen our National Index jump at least
"Thirteen markets are currently at all-time highs and
"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
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 (%) | ||||||
246.17 | 1.3 % | 0.9 % | 5.9 % | |||||||
335.33 | 2.2 % | 1.9 % | 7.9 % | |||||||
Charlotte | 277.04 | 1.2 % | 1.1 % | 7.3 % | ||||||
204.95 | 1.7 % | 1.6 % | 8.7 % | |||||||
188.84 | 1.8 % | 2.4 % | 8.5 % | |||||||
298.56 | 1.2 % | 1.2 % | 3.4 % | |||||||
319.92 | 1.3 % | 1.3 % | 2.0 % | |||||||
185.20 | 1.8 % | 1.2 % | 7.2 % | |||||||
292.67 | 1.2 % | 0.9 % | 8.3 % | |||||||
440.11 | 1.3 % | 1.9 % | 8.6 % | |||||||
436.86 | 0.8 % | 0.9 % | 8.2 % | |||||||
238.54 | 1.4 % | 1.4 % | 2.9 % | |||||||
304.81 | 1.3 % | 1.2 % | 9.4 % | |||||||
326.47 | 0.6 % | 0.5 % | 4.8 % | |||||||
327.18 | 1.1 % | 1.5 % | 1.7 % | |||||||
443.36 | 1.2 % | 2.2 % | 10.3 % | |||||||
362.84 | 2.0 % | 2.6 % | 4.7 % | |||||||
387.90 | 2.0 % | 2.7 % | 7.5 % | |||||||
384.46 | 0.7 % | 0.5 % | 3.6 % | |||||||
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 % | ||||||
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 | |||
1.3 % | 0.6 % | 0.9 % | 0.1 % | ||||
2.2 % | 0.6 % | 1.9 % | 0.5 % | ||||
Charlotte | 1.2 % | 0.3 % | 1.1 % | 0.2 % | |||
1.7 % | 0.7 % | 1.6 % | 0.8 % | ||||
1.8 % | 1.2 % | 2.4 % | 1.4 % | ||||
1.2 % | 0.0 % | 1.2 % | -0.1 % | ||||
1.3 % | 0.0 % | 1.3 % | -0.7 % | ||||
1.8 % | 0.4 % | 1.2 % | 0.3 % | ||||
1.2 % | 0.5 % | 0.9 % | 0.0 % | ||||
1.3 % | 0.5 % | 1.9 % | 0.5 % | ||||
0.8 % | 0.2 % | 0.9 % | 0.4 % | ||||
1.4 % | 0.1 % | 1.4 % | 0.2 % | ||||
1.3 % | 0.8 % | 1.2 % | 0.9 % | ||||
0.6 % | -0.3 % | 0.5 % | -0.3 % | ||||
1.1 % | 0.1 % | 1.5 % | 0.2 % | ||||
1.2 % | 0.1 % | 2.2 % | 0.4 % | ||||
2.0 % | 0.3 % | 2.6 % | 0.1 % | ||||
2.0 % | 0.1 % | 2.7 % | 0.0 % | ||||
0.7 % | 0.0 % | 0.5 % | -0.3 % | ||||
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 % | |||
1.2 % | 0.3 % | 1.3 % | 0.3 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through April 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
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
FAQ
What was the annual gain of the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index in April 2024?
Which city reported the highest annual gain in the S&P CoreLogic Case-Shiller Indices for April 2024?
How did the 10-City Composite perform year-over-year in April 2024?
Which region has been the top-performing market for the last nine months according to the S&P CoreLogic Case-Shiller Indices?
What was the month-over-month increase for the U.S. National Index before seasonal adjustments in April 2024?
Did the growth rate of the S&P CoreLogic Case-Shiller Indices accelerate in April 2024?
