S&P CORELOGIC CASE-SHILLER INDEX RECORDS 3.9% ANNUAL GAIN IN DECEMBER 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 3.9% annual gain in December 2024, up from 3.7% in the previous month. The 10-City Composite saw a 5.1% annual increase, while the 20-City Composite posted a 4.5% year-over-year increase.
New York led with the highest annual gain of 7.2%, followed by Chicago (6.6%) and Boston (6.3%). Tampa showed the lowest return, declining 1.1%. Month-over-month, both the U.S. National and 20-City Composite Indices dropped 0.1% before seasonal adjustment, while showing a 0.5% increase after adjustment.
The National Index has risen 8.8% annually since 2020, though this is below the peak appreciation of 18.9% observed in 2021. Notable market shifts include San Francisco's 4.5% decline in the last six months of 2024, now 11.0% below its post-pandemic peak from May 2022. The Northeast region continues to show above-trend growth, with Boston reaching an all-time high in December 2024.
L'Indice Nazionale dei Prezzi delle Case NSA di S&P CoreLogic Case-Shiller ha registrato un guadagno annuale del 3,9% a dicembre 2024, in aumento rispetto al 3,7% del mese precedente. Il Composite delle 10 città ha visto un aumento annuale del 5,1%, mentre il Composite delle 20 città ha riportato un incremento del 4,5% su base annua.
New York ha guidato con il guadagno annuale più alto del 7,2%, seguita da Chicago (6,6%) e Boston (6,3%). Tampa ha mostrato il ritorno più basso, con una diminuzione dell'1,1%. Su base mensile, sia l'Indice Nazionale che il Composite delle 20 città sono diminuiti dello 0,1% prima dell'aggiustamento stagionale, mostrando un aumento dello 0,5% dopo l'aggiustamento.
L'Indice Nazionale è aumentato del 8,8% annualmente dal 2020, sebbene questo sia al di sotto dell'apprezzamento massimo del 18,9% osservato nel 2021. Cambiamenti significativi nel mercato includono il calo del 4,5% di San Francisco negli ultimi sei mesi del 2024, ora il 11,0% al di sotto del suo picco post-pandemia di maggio 2022. La regione del Northeast continua a mostrare una crescita superiore alla media, con Boston che ha raggiunto un massimo storico a dicembre 2024.
El Índice Nacional de Precios de Vivienda NSA de S&P CoreLogic Case-Shiller registró un ganancia anual del 3,9% en diciembre de 2024, en comparación con el 3,7% del mes anterior. El Composite de 10 ciudades vio un aumento anual del 5,1%, mientras que el Composite de 20 ciudades publicó un incremento del 4,5% interanual.
New York lideró con la mayor ganancia anual del 7,2%, seguido de Chicago (6,6%) y Boston (6,3%). Tampa mostró el retorno más bajo, cayendo un 1,1%. Mes a mes, tanto el Índice Nacional de EE. UU. como el Composite de 20 ciudades cayeron un 0,1% antes del ajuste estacional, mientras que mostraron un aumento del 0,5% después del ajuste.
El Índice Nacional ha aumentado un 8,8% anualmente desde 2020, aunque esto está por debajo de la apreciación máxima del 18,9% observada en 2021. Cambios notables en el mercado incluyen la caída del 4,5% de San Francisco en los últimos seis meses de 2024, ahora un 11,0% por debajo de su pico post-pandémico de mayo de 2022. La región del Noreste continúa mostrando un crecimiento superior a la tendencia, con Boston alcanzando un máximo histórico en diciembre de 2024.
S&P 코어로직 케이스-실러 미국 국가 주택 가격 NSA 지수는 2024년 12월에 3.9%의 연간 상승률을 기록했으며, 이는 이전 달의 3.7%에서 증가한 수치입니다. 10개 도시 종합 지수는 5.1%의 연간 증가를 보였고, 20개 도시 종합 지수는 4.5%의 전년 대비 증가를 기록했습니다.
뉴욕은 7.2%로 가장 높은 연간 상승률을 기록했으며, 시카고(6.6%)와 보스턴(6.3%)이 뒤를 이었습니다. 탬파는 1.1% 감소하여 가장 낮은 수익률을 보였습니다. 월별로는 미국 국가 지수와 20개 도시 종합 지수가 계절 조정 전 0.1% 하락했으며, 조정 후 0.5% 증가했습니다.
국가 지수는 2020년 이후 연간 8.8% 상승했지만, 이는 2021년에 관찰된 18.9%의 최고 상승률보다 낮습니다. 주목할 만한 시장 변화로는 2024년 마지막 6개월 동안 샌프란시스코의 4.5% 감소가 있으며, 이는 2022년 5월 팬데믹 이후 최고치보다 11.0% 낮은 수치입니다. 북동부 지역은 계속해서 추세 이상의 성장을 보이고 있으며, 보스턴은 2024년 12월에 사상 최고치를 기록했습니다.
L'Indice National des Prix de l'Habitat NSA de S&P CoreLogic Case-Shiller a enregistré un gain annuel de 3,9% en décembre 2024, en hausse par rapport à 3,7% le mois précédent. Le Composite des 10 villes a connu un augmentation annuelle de 5,1%, tandis que le Composite des 20 villes a affiché une augmentation de 4,5% d'une année sur l'autre.
New York a mené avec le gain annuel le plus élevé de 7,2%, suivi de Chicago (6,6%) et Boston (6,3%). Tampa a montré le retour le plus bas, avec une baisse de 1,1%. D'un mois à l'autre, les indices nationaux américains et des 20 villes ont chuté de 0,1% avant ajustement saisonnier, tout en montrant une augmentation de 0,5% après ajustement.
L'Indice National a augmenté de 8,8% annuellement depuis 2020, bien que cela soit en dessous de l'appréciation maximale de 18,9% observée en 2021. Des changements notables sur le marché incluent une baisse de 4,5% à San Francisco au cours des six derniers mois de 2024, maintenant 11,0% en dessous de son pic post-pandémique de mai 2022. La région du Nord-Est continue de montrer une croissance supérieure à la tendance, Boston atteignant un niveau record en décembre 2024.
Der S&P CoreLogic Case-Shiller US National Home Price NSA Index verzeichnete im Dezember 2024 einen jährlichen Anstieg von 3,9%, gegenüber 3,7% im Vormonat. Der 10-Städte-Composite sah einen jährlichen Anstieg von 5,1%, während der 20-Städte-Composite einen Jahresvergleich von 4,5% aufwies.
New York führte mit dem höchsten jährlichen Anstieg von 7,2%, gefolgt von Chicago (6,6%) und Boston (6,3%). Tampa verzeichnete mit einem Rückgang von 1,1% die niedrigste Rendite. Monatlich fielen sowohl der nationale Index der USA als auch der 20-Städte-Composite vor saisonaler Anpassung um 0,1%, während nach Anpassung ein Anstieg von 0,5% zu verzeichnen war.
Der nationale Index ist seit 2020 jährlich um 8,8% gestiegen, obwohl dies unter dem Höchstwert von 18,9% liegt, der 2021 beobachtet wurde. Bemerkenswerte Marktverschiebungen umfassen einen Rückgang von 4,5% in San Francisco in den letzten sechs Monaten von 2024, was nun 11,0% unter dem pandemiebedingten Höchststand von Mai 2022 liegt. Die Nordostregion zeigt weiterhin ein überdurchschnittliches Wachstum, wobei Boston im Dezember 2024 einen Allzeithoch erreichte.
- National home price index continues upward trend with 3.9% annual gain
- Northeast region shows strong performance with above-trend growth
- Boston reached all-time high in December 2024
- 10-City Composite showed robust 5.1% annual increase
- Seasonally adjusted indices posted 0.5% month-over-month increase
- National growth rate significantly below 2021 peak of 18.9%
- San Francisco prices down 11.0% from post-pandemic peak
- Tampa market turned negative with 1.1% decline
- Western markets showing fastest price drops
- Non-seasonally adjusted indices posted negative monthly returns
Insights
The December 2024 S&P CoreLogic Case-Shiller Index shows U.S. home prices gaining 3.9% annually, continuing a pattern of moderate growth that stands in stark contrast to the 18.9% peak appreciation of 2021. This represents growth slightly above inflation, indicating real value creation in housing assets, albeit at a more sustainable pace than during the pandemic frenzy.
The data reveals a pronounced regional divergence that creates both opportunities and risks for real estate investors. The Northeast continues its remarkable resilience, with New York (+7.2%), Chicago (+6.6%), and Boston (+6.3%) leading gains. Boston stands alone in reaching new all-time highs, suggesting structural supply constraints in these legacy urban centers are maintaining price pressure despite higher mortgage rates. Meanwhile, Western markets that previously saw explosive growth are now correcting, with San Francisco down 11% from its pandemic peak and continuing to slide.
The month-over-month data warrants particular attention - the non-seasonally adjusted national index dropped 0.1%, but showed 0.5% growth after seasonal adjustment. This divergence between raw and adjusted figures suggests we're seeing typical winter slowdown patterns rather than a fundamental market shift, though the continued deceleration in hot markets like San Diego and Tampa (down 2.9% and 2.7% respectively in H2 2024) bears watching.
For S&P Global investors, these housing indices represent a critical data product with consistent demand regardless of market conditions. The Case-Shiller indices serve as benchmarks for mortgage-backed securities, real estate derivatives, and countless investment decisions, generating recurring revenue through licensing and data subscriptions. The continued relevance of these indices - now tracking a 19th consecutive all-time high in the national market - reinforces SPGI's position as an essential provider of financial intelligence.
Looking forward, the normalization of home price appreciation to single-digit levels suggests the housing market is finding equilibrium after pandemic disruptions. However, the regional disparities highlight the increasingly localized nature of real estate markets, with implications for mortgage lenders, homebuilders, and REITs with geographically concentrated portfolios. The wealth effect from continued home price appreciation, though moderated, remains a positive tailwind for consumer spending and household balance sheets, supporting broader economic stability.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
ANALYSIS
"It has been five years since the Covid-19 outbreak took hold of the global economy, sparking unprecedented volatility, massive fiscal and monetary stimulus, and a housing market that responded to national migratory changes in how we work and where we live," says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. "National home prices have risen by
"Home prices stalled during the second half of the year with markets in the West dropping the fastest.
"The Northeast continues to lead all regions with above-trend growth, led by
"The S&P CoreLogic Case-Shiller Index continues to highlight the upward trend of home prices nationally," Luke concluded. "Through this recent market cycle, the ability of Americans to grow wealth by participating in the upside of the
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 % | 323.22 | 141.2 % | 75.1 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 332.21 | 147.8 % | 60.9 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 350.38 | 139.2 % | 54.8 % | |
Table 2 below summarizes the results for December 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
December 2024 | December/November | November/October | 1-Year | |||||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | ||||||
246.51 | -0.56 % | -0.27 % | 2.35 % | |||||||
340.57 | 0.42 % | 0.42 % | 6.35 % | |||||||
Charlotte | 280.06 | -0.28 % | -0.05 % | 3.47 % | ||||||
210.23 | 0.19 % | -0.35 % | 6.60 % | |||||||
192.42 | -0.90 % | -0.01 % | 5.24 % | |||||||
295.16 | -0.01 % | -0.54 % | 1.61 % | |||||||
315.00 | 0.08 % | -0.48 % | 1.51 % | |||||||
188.86 | -0.57 % | -0.29 % | 4.76 % | |||||||
300.51 | 0.05 % | -0.13 % | 5.43 % | |||||||
436.47 | -0.10 % | 0.02 % | 3.57 % | |||||||
443.39 | 0.40 % | 0.24 % | 3.28 % | |||||||
239.31 | -0.54 % | -0.38 % | 3.20 % | |||||||
317.13 | -0.19 % | 0.33 % | 7.22 % | |||||||
329.62 | -0.06 % | 0.02 % | 2.09 % | |||||||
328.57 | -0.10 % | -0.32 % | 2.92 % | |||||||
435.87 | 0.06 % | -0.38 % | 5.51 % | |||||||
350.43 | -0.20 % | -0.70 % | 2.61 % | |||||||
385.72 | -0.30 % | -0.74 % | 5.61 % | |||||||
377.84 | -1.02 % | -0.65 % | -1.11 % | |||||||
329.85 | -0.30 % | -0.08 % | 5.55 % | |||||||
Composite-10 | 350.38 | -0.04 % | 0.01 % | 5.10 % | ||||||
Composite-20 | 332.21 | -0.13 % | -0.11 % | 4.48 % | ||||||
323.22 | -0.15 % | -0.16 % | 3.92 % | |||||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||||
Data through December 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.
December/November Change (%) | November/October Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
-0.56 % | 0.12 % | -0.27 % | 0.25 % | ||||
0.42 % | 1.23 % | 0.42 % | 1.02 % | ||||
Charlotte | -0.28 % | 0.40 % | -0.05 % | 0.42 % | |||
0.19 % | 1.00 % | -0.35 % | 0.43 % | ||||
-0.90 % | 0.14 % | -0.01 % | 0.44 % | ||||
-0.01 % | 0.47 % | -0.54 % | 0.29 % | ||||
0.08 % | 0.71 % | -0.48 % | 0.29 % | ||||
-0.57 % | 0.39 % | -0.29 % | 0.30 % | ||||
0.05 % | 0.70 % | -0.13 % | 0.57 % | ||||
-0.10 % | 0.43 % | 0.02 % | 0.46 % | ||||
0.40 % | 0.76 % | 0.24 % | 0.57 % | ||||
-0.54 % | 0.42 % | -0.38 % | 0.41 % | ||||
-0.19 % | 0.22 % | 0.33 % | 0.39 % | ||||
-0.06 % | 0.89 % | 0.02 % | 0.90 % | ||||
-0.10 % | 0.73 % | -0.32 % | 0.63 % | ||||
0.06 % | 0.68 % | -0.38 % | 0.54 % | ||||
-0.20 % | 0.51 % | -0.70 % | 0.23 % | ||||
-0.30 % | 0.49 % | -0.74 % | 0.12 % | ||||
-1.02 % | -0.30 % | -0.65 % | -0.19 % | ||||
-0.30 % | 0.00 % | -0.08 % | 0.32 % | ||||
Composite-10 | -0.04 % | 0.55 % | 0.01 % | 0.47 % | |||
Composite-20 | -0.13 % | 0.52 % | -0.11 % | 0.44 % | |||
-0.15 % | 0.46 % | -0.16 % | 0.41 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through December 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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FAQ
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