S&P CORELOGIC CASE-SHILLER INDEX RECORDS 3.8% ANNUAL GAIN IN NOVEMBER 2024
S&P CoreLogic Case-Shiller Index reported a 3.8% annual gain in U.S. home prices for November 2024, up from 3.6% in the previous month. The 10-City Composite showed a 4.9% annual increase, while the 20-City Composite posted a 4.3% year-over-year gain.
New York led with the highest annual gain of 7.3%, followed by Chicago (6.2%) and Washington (5.9%). Tampa was the only market to show decline, falling 0.4%. The Northeast region was the strongest performer with a 6.1% annual gain.
Month-over-month data showed slight declines in non-seasonally adjusted figures, with the National Index dropping 0.1%. However, after seasonal adjustment, all three indices (National, 20-City, and 10-City) posted 0.4% monthly increases. The National Index achieved its 18th consecutive all-time high on a seasonally adjusted basis.
Indice S&P CoreLogic Case-Shiller ha riportato un guadagno annuale del 3,8% nei prezzi delle case negli Stati Uniti per novembre 2024, in aumento rispetto al 3,6% del mese precedente. Il Composite delle 10 città ha mostrato un incremento annuale del 4,9%, mentre il Composite delle 20 città ha registrato un guadagno del 4,3% su base annua.
New York ha guidato con il guadagno annuale più alto del 7,3%, seguita da Chicago (6,2%) e Washington (5,9%). Tampa è stata l'unico mercato a mostrare una diminuzione, registrando un calo dello 0,4%. La regione del Northeast è stata la più performante con un guadagno annuale del 6,1%.
I dati mensili hanno mostrato leggere flessioni nei valori non rettificati per le stagioni, con l'Indice Nazionale che è sceso dello 0,1%. Tuttavia, dopo la rettifica per le stagioni, tutti e tre gli indici (Nazionale, 20 Città e 10 Città) hanno registrato aumenti mensili dello 0,4%. L'Indice Nazionale ha raggiunto il suo 18° massimo storico consecutivo su base rettificata per le stagioni.
Índice S&P CoreLogic Case-Shiller reportó un incremento anual del 3.8% en los precios de viviendas en EE. UU. para noviembre de 2024, subiendo desde el 3.6% del mes anterior. El Composite de 10 ciudades mostró un aumento anual del 4.9%, mientras que el Composite de 20 ciudades registró una ganancia del 4.3% año tras año.
Nueva York lideró con el mayor incremento anual del 7.3%, seguida de Chicago (6.2%) y Washington (5.9%). Tampa fue el único mercado que mostró una disminución, cayendo un 0.4%. La región del Noreste fue la de mejor desempeño con una ganancia anual del 6.1%.
Los datos mes a mes mostraron ligeras caídas en cifras no ajustadas estacionalmente, con el Índice Nacional cayendo un 0.1%. Sin embargo, tras el ajuste estacional, los tres índices (Nacional, 20 Ciudades y 10 Ciudades) registraron incrementos mensuales del 0.4%. El Índice Nacional alcanzó su 18° máximo histórico consecutivo en términos ajustados por estación.
S&P 코어로직 케이스-쉴러 지수는 2024년 11월 미국 주택 가격이 전년 대비 3.8% 증가했다고 보고했으며, 이는 지난 달의 3.6%에서 상승한 수치입니다. 10개 도시 종합 지수는 4.9%의 연간 증가를 보였고, 20개 도시 종합 지수는 4.3%의 연간 증가율을 기록했습니다.
뉴욕은 7.3%로 가장 높은 연간 증가율을 기록했고, 그 뒤를 이어 시카고(6.2%)와 워싱턴(5.9%)이 뒤따랐습니다. 탬파는 0.4% 하락하여 유일한 감소세를 보였습니다. 북동부 지역은 6.1%의 연간 증가로 가장 우수한 성과를 보였습니다.
월별 데이터는 비계절 조정 데이터에서 약간의 감소를 나타냈으며, 국가 지수는 0.1% 하락했습니다. 그러나 계절 조정 후, 세 가지 지수(국가, 20개 도시, 10개 도시)는 모두 0.4%의 월간 증가를 보였습니다. 국가 지수는 계절 조정 기준으로 18번째 연속 역대 최고치를 기록했습니다.
L'Indice S&P CoreLogic Case-Shiller a rapporté un gain annuel de 3,8% des prix de l'immobilier aux États-Unis pour novembre 2024, en hausse par rapport à 3,6% le mois précédent. L'indice composite des 10 villes a montré une augmentation annuelle de 4,9%, tandis que l'indice composite des 20 villes a enregistré un gain de 4,3% d'une année sur l'autre.
New York a mené avec le plus fort gain annuel de 7,3%, suivi de Chicago (6,2%) et Washington (5,9%). Tampa a été le seul marché à afficher une baisse, reculent de 0,4%. La région du Nord-Est a été la plus performante avec un gain annuel de 6,1%.
Les données mensuelles ont montré de légers reculs dans les chiffres non ajustés saisonnièrement, l'Indice national ayant chuté de 0,1%. Cependant, après ajustement saisonnier, les trois indices (National, 20 Villes et 10 Villes) ont affiché des augmentations mensuelles de 0,4%. L'Indice National a atteint son 18e record de tous les temps consécutif sur une base ajustée saisonnièrement.
S&P CoreLogic Case-Shiller Index berichtete von einem jährlichen Anstieg von 3,8% bei den Preisen für Eigenheime in den USA für November 2024, was einem Anstieg von 3,6% im Vormonat entspricht. Der Composite-Index für 10 Städte zeigte einen jährlichen Anstieg von 4,9%, während der Composite-Index für 20 Städte einen jährlichen Gewinn von 4,3% verzeichnete.
New York führte mit dem höchsten jährlichen Anstieg von 7,3%, gefolgt von Chicago (6,2%) und Washington (5,9%). Tampa war der einzige Markt mit einem Rückgang und fiel um 0,4%. Die Nordostregion war der stärkste Performer mit einem jährlichen Anstieg von 6,1%.
Die Monat-zu-Monat-Daten zeigten leichte Rückgänge in den nicht saisonbereinigten Zahlen, wobei der nationale Index um 0,1% fiel. Nach der saisonalen Anpassung verzeichneten jedoch alle drei Indizes (National, 20 Städte und 10 Städte) monatliche Anstiege von 0,4%. Der nationale Index erreichte auf saisonbereinigter Basis sein 18. aufeinanderfolgendes Allzeithoch.
- National home prices increased 3.8% annually, showing continued growth
- 18 consecutive all-time highs achieved for National Index (seasonally adjusted)
- Strong regional performance in Northeast with 6.1% annual gain
- 19 out of 20 cities showed positive annual price growth
- Tampa market recorded first annual price decline (-0.4%) in over a year
- National price growth trending below historical averages
- Western markets and Florida showing below-average growth
- Month-over-month decline of 0.1% in non-seasonally adjusted National Index
Insights
The latest Case-Shiller Index data reveals a complex housing market landscape with significant implications for both real estate stakeholders and S&P Global's market position. The 3.8% annual gain represents a measured pace of appreciation that suggests a more sustainable market environment compared to the dramatic swings seen in recent years.
The regional divergence is particularly telling: New York's 7.3% gain versus Tampa's -0.4% decline reflects a fundamental shift in market dynamics. The Northeast's dominance, averaging a 6.1% annual gain, indicates a potential realignment of traditional real estate hot spots, likely driven by persistent work-from-home trends and financial sector strength.
For SPGI, this data carries strategic significance. The Case-Shiller Index's continued role as the premier housing market benchmark, especially during this period of regional divergence, reinforces S&P Global's position in the market data space. The index's ability to capture nuanced market movements - including the first negative annual return in over a year (Tampa) - demonstrates its value to institutional clients and market participants.
The seasonally adjusted national index achieving its 18th consecutive all-time high while showing moderate growth suggests a market that's expanding sustainably rather than exhibiting bubble-like behavior. This pattern typically supports steady demand for market data and analytics services, a core revenue stream for S&P Global.
This Case-Shiller release underscores S&P Global's strategic advantage in the financial data market. The comprehensive dataset, covering 20 metropolitan areas with granular monthly changes and long-term historical comparisons dating back to 1988, represents a significant moat in the competitive market data landscape.
The index's ability to track subtle market shifts - such as the divergence between regional markets and the distinction between seasonally adjusted and non-adjusted data - demonstrates the sophisticated methodology that makes this product valuable to institutional clients. This complexity and reliability help justify premium pricing for SPGI's data services.
The timing of this release, coinciding with strong Q4 bank earnings, particularly benefits SPGI's market position. Banks and financial institutions rely heavily on this data for risk assessment and mortgage-backed securities valuation, creating natural synergies with SPGI's other financial services products.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
ANALYSIS
"With the exception of pockets of above-trend performance, national home prices are trending below historical averages," says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. "Markets in
"Despite below-trend growth, our National Index hit its 18th consecutive all-time high on a seasonally adjusted basis," Luke continued. "Again, with the exception of
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 | 133.99 | Feb-12 | -27.4 % | 323.91 | 141.7 % | 75.5 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 332.59 | 148.1 % | 61.0 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 350.40 | 139.3 % | 54.8 % | |
Table 2 below summarizes the results for November 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
November 2024 | November/October | October/September | 1-Year | |
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) |
247.92 | -0.3 % | -0.3 % | 2.9 % | |
339.05 | 0.4 % | 0.3 % | 5.1 % | |
Charlotte | 280.83 | -0.1 % | -0.3 % | 3.6 % |
209.91 | -0.3 % | -0.4 % | 6.2 % | |
194.26 | 0.0 % | -1.0 % | 5.4 % | |
295.19 | -0.5 % | -0.5 % | 1.0 % | |
314.79 | -0.5 % | -0.4 % | 0.9 % | |
190.02 | -0.3 % | -0.6 % | 4.6 % | |
300.39 | -0.1 % | -0.5 % | 5.6 % | |
436.98 | 0.0 % | -0.1 % | 3.8 % | |
441.73 | 0.3 % | -0.1 % | 3.2 % | |
240.66 | -0.4 % | -0.4 % | 2.7 % | |
317.36 | 0.2 % | 0.3 % | 7.3 % | |
329.82 | 0.0 % | 0.0 % | 1.6 % | |
328.89 | -0.3 % | -0.4 % | 2.0 % | |
435.32 | -0.4 % | -0.4 % | 4.5 % | |
350.92 | -0.8 % | -1.0 % | 1.9 % | |
386.87 | -0.7 % | -0.9 % | 5.4 % | |
381.74 | -0.6 % | -0.6 % | -0.4 % | |
330.99 | -0.1 % | 0.1 % | 5.9 % | |
Composite-10 | 350.40 | 0.0 % | -0.1 % | 4.9 % |
Composite-20 | 332.59 | -0.1 % | -0.2 % | 4.3 % |
323.91 | -0.1 % | -0.2 % | 3.8 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through November 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.
November/October Change (%) | October/September Change (%) | |||
Metropolitan Area | NSA | SA | NSA | SA |
-0.3 % | 0.3 % | -0.3 % | 0.2 % | |
0.4 % | 0.9 % | 0.3 % | 0.7 % | |
Charlotte | -0.1 % | 0.4 % | -0.3 % | 0.2 % |
-0.3 % | 0.4 % | -0.4 % | 0.2 % | |
0.0 % | 0.5 % | -1.0 % | -0.3 % | |
-0.5 % | 0.3 % | -0.5 % | 0.2 % | |
-0.5 % | 0.2 % | -0.4 % | 0.5 % | |
-0.3 % | 0.3 % | -0.6 % | 0.3 % | |
-0.1 % | 0.5 % | -0.5 % | 0.4 % | |
0.0 % | 0.4 % | -0.1 % | 0.1 % | |
0.3 % | 0.7 % | -0.1 % | 0.2 % | |
-0.4 % | 0.4 % | -0.4 % | 0.2 % | |
0.2 % | 0.3 % | 0.3 % | 0.4 % | |
0.0 % | 0.9 % | 0.0 % | 0.6 % | |
-0.3 % | 0.6 % | -0.4 % | 0.4 % | |
-0.4 % | 0.4 % | -0.4 % | 0.4 % | |
-0.8 % | 0.2 % | -1.0 % | 0.2 % | |
-0.7 % | -0.1 % | -0.9 % | 0.3 % | |
-0.6 % | -0.2 % | -0.6 % | -0.1 % | |
-0.1 % | 0.4 % | 0.1 % | 0.7 % | |
Composite-10 | 0.0 % | 0.4 % | -0.1 % | 0.3 % |
Composite-20 | -0.1 % | 0.4 % | -0.2 % | 0.3 % |
-0.1 % | 0.4 % | -0.2 % | 0.4 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through November 2024 | ||||
For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.
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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 S&P CoreLogic Case-Shiller Index annual gain in November 2024?
Which city showed the highest annual home price increase in November 2024?
How did the Northeast region perform in home price growth?
Which city showed negative price growth in November 2024?
What was the month-over-month change in the seasonally adjusted National Index?
