S&P CORELOGIC CASE-SHILLER INDEX HITS NEW ALL-TIME HIGH FOR JUNE 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reached a new all-time high in June 2024, reporting a 5.4% annual gain, down from 5.9% in the previous month. The 10-City and 20-City Composites saw annual increases of 7.4% and 6.5% respectively. New York led with the highest annual gain of 9.0%, followed by San Diego (8.7%) and Las Vegas (8.5%). The month-over-month changes showed a decelerating trend, with the National Index posting a 0.2% increase after seasonal adjustment.
Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P DJI, noted that home prices continue to outpace inflation, with the National Index averaging 2.8% more than the Consumer Price Index. The analysis also revealed that in 75% of markets, lower-priced homes are appreciating faster than the overall market, potentially impacting affordability for first-time homebuyers.
Il S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index ha raggiunto un nuovo massimo storico a giugno 2024, registrando un incremento annuo del 5,4%, in calo rispetto al 5,9% del mese precedente. I Composite delle 10 e delle 20 città hanno mostrato un aumento annuo rispettivamente del 7,4% e del 6,5%. New York ha segnato il maggiore guadagno annuale con un 9,0%, seguita da San Diego (8,7%) e Las Vegas (8,5%). I cambiamenti mese per mese hanno mostrato una tendenza al rallentamento, con l'Indice Nazionale che ha registrato un aumento dello 0,2% dopo l'aggiustamento stagionale.
Brian D. Luke, Responsabile delle Materie Prime, Real & Digital Assets presso S&P DJI, ha osservato che i prezzi delle abitazioni continuano a superare l'inflazione, con l'Indice Nazionale che media il 2,8% in più rispetto all'Indice dei Prezzi al Consumo. L'analisi ha anche rivelato che nel 75% dei mercati, le case a prezzo ridotto stanno apprezzandosi più rapidamente rispetto al mercato complessivo, influenzando potenzialmente l'affordabilità per i nuovi acquirenti di case.
El índice de precios de vivienda NSA nacional de S&P CoreLogic Case-Shiller alcanzó un nuevo máximo histórico en junio de 2024, reportando un incremento anual del 5,4%, inferior al 5,9% del mes anterior. Los compuestos de 10 ciudades y 20 ciudades mostraron aumentos anuales de 7,4% y 6,5% respectivamente. Nueva York lideró con el mayor aumento anual de 9,0%, seguida de San Diego (8,7%) y Las Vegas (8,5%). Los cambios mes a mes mostraron una tendencia de desaceleración, con el índice nacional registrando un aumento del 0,2% después del ajuste estacional.
Brian D. Luke, Jefe de Materias Primas, Activos Reales y Digitales en S&P DJI, comentó que los precios de las viviendas continúan superando la inflación, con el índice nacional promediando un 2,8% más respecto al índice de precios al consumo. El análisis también reveló que en el 75% de los mercados, las viviendas de menor precio están apreciándose más rápido que el mercado en general, lo que podría afectar la asequibilidad para los compradores de vivienda por primera vez.
S&P CoreLogic Case-Shiller 미국 국가 주택 가격 NSA 지수가 2024년 6월에 역대 최대치에 도달했습니다, 연간 5.4% 증가를 기록했으며 이는 이전 달의 5.9%에서 감소한 수치입니다. 10개 도시 및 20개 도시 복합지수는 각각 7.4% 및 6.5%의 연간 증가를 보였습니다. 뉴욕은 9.0%의 가장 높은 연간 증가율을 기록하며 선두를 차지했으며, 샌디에이고(8.7%)와 라스베이거스(8.5%)가 뒤를 이었습니다. 월별 변화는 둔화 추세를 보였으며, 국가 지수는 계절 조정 후 0.2%의 증가를 기록했습니다.
S&P DJI의 상품, 실제 및 디지털 자산 책임자인 브라이언 D. 루크는 주택 가격이 인플레이션을 계속 초과하고 있음을 언급하며, 국가 지수가 소비자 물가 지수보다 평균 2.8% 더 높다고 밝혔습니다. 분석에 따르면 75%의 시장에서 저가 주택이 전체 시장보다 더 빠르게 가치 상승을 보이고 있어, 이는 처음 주택을 구매하는 이들에게 가격 부담을 줄 수 있다고 합니다.
L'indice NSA des prix immobiliers nationaux de S&P CoreLogic Case-Shiller a atteint un nouveau record historique en juin 2024, affichant un gain annuel de 5,4%, en baisse par rapport à 5,9% le mois précédent. Les composites des 10 villes et des 20 villes ont enregistré des hausses annuelles de 7,4% et 6,5% respectivement. New York a affiché le gain annuel le plus élevé avec un 9,0%, suivie de San Diego (8,7%) et de Las Vegas (8,5%). Les variations mensuelles ont montré une tendance à la décélération, avec l'indice national enregistrant une augmentation de 0,2% après ajustement saisonnier.
Brian D. Luke, responsable des matières premières, des actifs réels et numériques chez S&P DJI, a noté que les prix des logements continuent de dépasser l'inflation, l'indice national ayant une moyenne de 2,8% de plus que l'indice des prix à la consommation. L'analyse a également révélé que dans 75% des marchés, les maisons à prix réduit s'apprécient plus rapidement que le marché global, ce qui pourrait impacter l'accessibilité pour les nouveaux acheteurs de maison.
Der S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index erreichte im Juni 2024 einen neuen Rekordstand und berichtete von einem Jahresgewinn von 5,4%, nachdem der Wert im Vormonat bei 5,9% lag. Die 10-Städte- und 20-Städte-Komposits verzeichneten jährliche Anstiege von 7,4% bzw. 6,5%. New York führte mit dem höchsten jährlichen Anstieg von 9,0%, gefolgt von San Diego (8,7%) und Las Vegas (8,5%). Die monatlichen Veränderungen zeigten einen abnehmenden Trend, während der nationale Index nach saisonalen Anpassungen einen Anstieg von 0,2% verzeichnete.
Brian D. Luke, Leiter der Rohstoffe, Real & Digital Assets bei S&P DJI, stellte fest, dass die Immobilienpreise weiterhin die Inflation übertreffen, wobei der nationale Index im Durchschnitt 2,8% über dem Verbraucherpreisindex liegt. Die Analyse ergab auch, dass in 75% der Märkte, günstigerer Wohnraum schneller im Wert steigt als der Gesamtmarkt, was potenziell die Erschwinglichkeit für Erstkäufer von Immobilien beeinträchtigen könnte.
- S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reached a new all-time high
- New York reported the highest annual gain of 9.0% among the 20 cities
- Home prices continue to outpace inflation, averaging 2.8% more than the Consumer Price Index
- 75% of markets show low-price tiers rising faster than the overall market, indicating strong demand for affordable homes
- Annual gains for the National Index, 10-City Composite, and 20-City Composite all decelerated compared to the previous month
- Month-over-month changes showed a decelerating trend in home price growth
- Faster appreciation of lower-priced homes may impact affordability for first-time homebuyers
Insights
The S&P CoreLogic Case-Shiller Index hitting a new all-time high in June 2024 signals continued strength in the U.S. housing market. However, the decelerating trend in price growth suggests a potential cooling. The
Notably, New York leads with a
Investors should monitor how this deceleration in price growth might affect homebuilders, mortgage lenders and real estate investment trusts (REITs) in the coming quarters.
The Case-Shiller Index's new high, coupled with its decelerating growth, presents a nuanced economic picture. The
This trend has significant implications for monetary policy. The Federal Reserve may need to maintain a hawkish stance longer than anticipated to curb housing-driven inflation. However, aggressive rate hikes could risk stifling economic growth in other sectors.
The regional disparities in price growth, with Portland at
The Case-Shiller Index's performance offers mixed signals for investors. While the new all-time high suggests continued value appreciation in real estate assets, the decelerating growth rate indicates a potential market shift.
For equity investors, this trend may impact homebuilder stocks and home improvement retailers. The outperformance of low-tier homes in 75% of markets over the past five years suggests opportunities in companies catering to first-time homebuyers or affordable housing segments.
Bond investors should note that if housing inflation remains elevated, it could lead to higher long-term interest rates. This scenario might benefit financial sector stocks but could pressure rate-sensitive sectors like utilities and REITs.
The regional variations in price growth also present opportunities for geographically diversified real estate investments, with markets like New York and San Diego showing robust gains.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The
After seasonal adjustment, the
ANALYSIS
"The S&P CoreLogic Case-Shiller Indices continue to show above-trend real price performance when accounting for inflation," says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. "Home prices and inflation continue to factor into the political agenda coming into the election season. While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging
"Another popular theme is making housing more affordable to first-time homebuyers. We compared each of the 16 markets that the S&P CoreLogic Case-Shiller Home Price Indices calculate on a tiered basis to evaluate historical performance of more affordable homes. Our tiered indices divide each market into three price tiers, which range based on the market. Looking at the last five years,
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 % | 325.23 | 142.7 % | 76.2 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 335.45 | 150.2 % | 62.4 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 352.91 | 141.0 % | 56.0 % | |
Table 2 below summarizes the results for June 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
June 2024 | June/May | May/April | 1-Year | |||||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||||
249.78 | 0.7 % | 1.0 % | 5.1 % | |||||||
339.64 | 0.7 % | 0.5 % | 6.6 % | |||||||
Charlotte | 281.19 | 0.5 % | 0.9 % | 6.4 % | ||||||
209.31 | 1.0 % | 1.1 % | 7.0 % | |||||||
193.62 | 0.8 % | 1.7 % | 6.7 % | |||||||
302.01 | 0.4 % | 0.8 % | 2.3 % | |||||||
323.49 | 0.3 % | 0.9 % | 1.9 % | |||||||
190.47 | 1.1 % | 1.7 % | 7.0 % | |||||||
298.71 | 0.8 % | 1.2 % | 8.5 % | |||||||
446.95 | 0.6 % | 1.0 % | 8.2 % | |||||||
442.69 | 0.7 % | 0.7 % | 6.9 % | |||||||
242.81 | 0.6 % | 1.2 % | 2.0 % | |||||||
312.13 | 0.6 % | 1.4 % | 9.0 % | |||||||
329.20 | 0.4 % | 0.4 % | 3.7 % | |||||||
332.29 | 0.1 % | 0.3 % | 0.8 % | |||||||
449.24 | 0.7 % | 0.7 % | 8.7 % | |||||||
366.01 | 0.1 % | 0.8 % | 4.3 % | |||||||
397.55 | 0.6 % | 1.2 % | 6.7 % | |||||||
388.17 | 0.2 % | 0.8 % | 3.1 % | |||||||
331.19 | 0.6 % | 1.1 % | 6.0 % | |||||||
Composite-10 | 352.91 | 0.6 % | 1.1 % | 7.4 % | ||||||
Composite-20 | 335.45 | 0.6 % | 1.0 % | 6.5 % | ||||||
325.23 | 0.5 % | 0.9 % | 5.4 % | |||||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||||
Data through June 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.
June/May Change (%) | May/April Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
0.7 % | 0.2 % | 1.0 % | 0.3 % | ||||
0.7 % | 0.4 % | 0.5 % | 0.1 % | ||||
Charlotte | 0.5 % | 0.0 % | 0.9 % | 0.2 % | |||
1.0 % | 0.2 % | 1.1 % | 0.1 % | ||||
0.8 % | 0.3 % | 1.7 % | 0.5 % | ||||
0.4 % | -0.1 % | 0.8 % | -0.2 % | ||||
0.3 % | 0.2 % | 0.9 % | 0.3 % | ||||
1.1 % | 0.5 % | 1.7 % | 0.9 % | ||||
0.8 % | 0.2 % | 1.2 % | 0.3 % | ||||
0.6 % | 0.6 % | 1.0 % | 0.6 % | ||||
0.7 % | 0.0 % | 0.7 % | 0.1 % | ||||
0.6 % | 0.0 % | 1.2 % | 0.1 % | ||||
0.6 % | 0.6 % | 1.4 % | 0.9 % | ||||
0.4 % | -0.3 % | 0.4 % | -0.5 % | ||||
0.1 % | -0.2 % | 0.3 % | -0.3 % | ||||
0.7 % | 0.7 % | 0.7 % | 0.2 % | ||||
0.1 % | 0.6 % | 0.8 % | 0.4 % | ||||
0.6 % | 0.9 % | 1.2 % | 0.5 % | ||||
0.2 % | 0.0 % | 0.8 % | 0.1 % | ||||
0.6 % | 0.4 % | 1.1 % | 0.4 % | ||||
Composite-10 | 0.6 % | 0.5 % | 1.1 % | 0.5 % | |||
Composite-20 | 0.6 % | 0.4 % | 1.0 % | 0.4 % | |||
0.5 % | 0.2 % | 0.9 % | 0.3 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through June 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.
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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FAQ
What was the annual gain for the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index in June 2024?
Which city reported the highest annual gain in home prices for June 2024?
How did the S&P CoreLogic Case-Shiller Index perform in relation to inflation?
What trend was observed in lower-priced homes according to the S&P CoreLogic Case-Shiller Index?
