S&P CORELOGIC CASE-SHILLER INDEX RECORDS 4.1% ANNUAL GAIN IN JANUARY 2025
S&P CoreLogic Case-Shiller U.S. National Home Price Index reported a 4.1% annual gain in January 2025, up slightly from 4% in December 2024. The analysis reveals a two-part story: strong appreciation of 4.8% in the first half of the year, followed by a 0.7% decline in the second half due to high mortgage rates and affordability constraints.
New York led the 20-City Composite with a 7.7% annual increase, followed by Chicago (7.5%) and Boston (6.6%). Tampa was the only market showing decline (-1.5%). The month-over-month data showed modest gains, with the seasonally adjusted National Index rising 0.6%.
Market challenges include elevated mortgage rates impacting monthly payment burdens, pushing affordability to multi-decade lows in many regions. Inventory constraints persist, particularly in legacy metro areas with new construction. Sunbelt markets that experienced previous sharp increases have shown the most significant slowdowns.
L'indice dei prezzi delle abitazioni nazionali S&P CoreLogic Case-Shiller ha riportato un guadagno annuale del 4,1% a gennaio 2025, in lieve aumento rispetto al 4% di dicembre 2024. L'analisi rivela una storia in due parti: una forte apprezzamento del 4,8% nella prima metà dell'anno, seguita da un calo dello 0,7% nella seconda metà a causa dei tassi ipotecari elevati e dei vincoli di accessibilità.
New York ha guidato il Composite delle 20 città con un aumento annuale del 7,7%, seguita da Chicago (7,5%) e Boston (6,6%). Tampa è stato l'unico mercato a mostrare un calo (-1,5%). I dati mese su mese hanno mostrato guadagni modesti, con l'indice nazionale regolato stagionalmente che è aumentato dello 0,6%.
Le sfide del mercato includono tassi ipotecari elevati che influenzano il peso dei pagamenti mensili, portando l'accessibilità ai minimi storici in molte regioni. I vincoli di inventario persistono, in particolare nelle aree metropolitane storiche con nuova costruzione. I mercati del Sunbelt che hanno vissuto forti aumenti precedenti hanno mostrato i rallentamenti più significativi.
El índice de precios de viviendas nacionales S&P CoreLogic Case-Shiller reportó un incremento anual del 4,1% en enero de 2025, un ligero aumento desde el 4% en diciembre de 2024. El análisis revela una historia en dos partes: una fuerte apreciación del 4,8% en la primera mitad del año, seguida de una caída del 0,7% en la segunda mitad debido a las altas tasas hipotecarias y las limitaciones de asequibilidad.
Nueva York lideró el Composite de 20 ciudades con un aumento anual del 7,7%, seguida por Chicago (7,5%) y Boston (6,6%). Tampa fue el único mercado que mostró una caída (-1,5%). Los datos mes a mes mostraron ganancias modestas, con el índice nacional ajustado estacionalmente aumentando un 0,6%.
Los desafíos del mercado incluyen tasas hipotecarias elevadas que impactan la carga de los pagos mensuales, llevando la asequibilidad a mínimos históricos en muchas regiones. Las limitaciones de inventario persisten, particularmente en áreas metropolitanas tradicionales con nueva construcción. Los mercados de Sunbelt que experimentaron aumentos bruscos anteriores han mostrado las desaceleraciones más significativas.
S&P CoreLogic Case-Shiller 미국 국가 주택 가격 지수는 2025년 1월에 연간 4.1% 증가를 보고했으며, 이는 2024년 12월의 4%에서 약간 상승한 수치입니다. 분석 결과는 두 가지 이야기를 보여줍니다: 올해 상반기에는 4.8%의 강력한 상승이 있었고, 하반기에는 높은 모기지 금리와 주택 구매 가능성 제약으로 인해 0.7% 감소했습니다.
뉴욕은 20개 도시 종합 지수에서 연간 7.7% 증가로 선두를 차지했으며, 그 뒤를 시카고(7.5%)와 보스턴(6.6%)이 따랐습니다. 탬파는 유일하게 감소(-1.5%)를 보인 시장이었습니다. 월별 데이터는 계절 조정된 국가 지수가 0.6% 상승하며 완만한 증가를 나타냈습니다.
시장 과제에는 높은 모기지 금리가 월별 지불 부담에 영향을 미쳐 많은 지역에서 주택 구매 가능성이 수십 년 만에 최저 수준으로 떨어진 상황이 포함됩니다. 재고 제약은 특히 새로운 건설이 이루어지는 전통적인 대도시 지역에서 지속되고 있습니다. 이전에 급격한 증가를 경험한 선벨트 시장은 가장 큰 둔화를 보였습니다.
L'indice des prix des logements nationaux S&P CoreLogic Case-Shiller a rapporté un gain annuel de 4,1% en janvier 2025, en légère hausse par rapport à 4% en décembre 2024. L'analyse révèle une histoire en deux volets : une forte appréciation de 4,8% au cours de la première moitié de l'année, suivie d'une baisse de 0,7% dans la seconde moitié en raison des taux hypothécaires élevés et des contraintes d'accessibilité.
New York a mené le Composite des 20 villes avec une augmentation annuelle de 7,7%, suivie de Chicago (7,5%) et de Boston (6,6%). Tampa a été le seul marché à montrer une baisse (-1,5%). Les données mois par mois ont montré des gains modestes, l'indice national ajusté saisonnièrement ayant augmenté de 0,6%.
Les défis du marché incluent des taux hypothécaires élevés qui impactent le poids des paiements mensuels, poussant l'accessibilité à des niveaux historiquement bas dans de nombreuses régions. Les contraintes d'inventaire persistent, en particulier dans les zones métropolitaines historiques avec de nouvelles constructions. Les marchés du Sunbelt qui ont connu de fortes augmentations précédemment ont montré les ralentissements les plus significatifs.
Der S&P CoreLogic Case-Shiller US National Home Price Index berichtete im Januar 2025 von einem jährlichen Anstieg von 4,1%, was einen leichten Anstieg von 4% im Dezember 2024 darstellt. Die Analyse zeigt eine zweigeteilte Geschichte: Eine starke Wertsteigerung von 4,8% in der ersten Jahreshälfte, gefolgt von einem Rückgang von 0,7% in der zweiten Jahreshälfte aufgrund hoher Hypothekenzinsen und Erschwinglichkeitsbeschränkungen.
New York führte den 20-City Composite mit einem jährlichen Anstieg von 7,7% an, gefolgt von Chicago (7,5%) und Boston (6,6%). Tampa war der einzige Markt, der einen Rückgang (-1,5%) verzeichnete. Die Monat-zu-Monat-Daten zeigten moderate Gewinne, wobei der saisonal angepasste nationale Index um 0,6% stieg.
Die Herausforderungen des Marktes umfassen hohe Hypothekenzinsen, die die monatlichen Zahlungsverpflichtungen belasten und die Erschwinglichkeit in vielen Regionen auf mehrjährige Tiefststände drücken. Die Bestandsengpässe bestehen weiterhin, insbesondere in traditionellen Metropolregionen mit neuen Bauprojekten. Märkte im Sunbelt, die zuvor starke Anstiege erlebt hatten, haben die signifikantesten Verlangsamungen gezeigt.
- National home prices increased 4.1% annually
- Most major cities (19 out of 20) showed positive annual price growth
- Seasonally adjusted monthly gains across all indices (National: +0.6%, 20-City: +0.5%)
- Strong performance in key markets: New York (+7.7%), Chicago (+7.5%), Boston (+6.6%)
- Second half 2024 showed price decline of 0.7%
- Tampa market declined 1.5% year-over-year
- San Francisco posted largest six-month decline of 3.4%
- Affordability at multi-decade lows in many regions
- Persistent inventory constraints limiting market activity
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the 20-City and 10-City Composite Indices posted month-over-month increases of
ANALYSIS
"Home price growth continued to moderate in January, reflecting a clear two-part story across the past year," says Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "The National Composite Index posted a
"Among the 20 metro areas tracked by the Composite 20,
"Rising mortgage rates throughout the year elevated monthly payment burdens, which, combined with already high home prices, pushed affordability to multi-decade lows in many regions. This likely contributed to subdued activity in the back half of the year, with both buyers and sellers exercising caution. Inventory constraints also remain a challenge, particularly in legacy metro areas, where limited new construction continues to restrict supply.
"The strength in markets like
"Despite near-term softness, the S&P CoreLogic Case-Shiller Index remains historically elevated, and long-term homeowners have continued to build equity," Godec concluded. "The current cycle reinforces the value of real estate as a long-duration asset, but also highlights how sensitive home prices are to changes in financing conditions and buyer affordability."
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 % | 323.54 | 141.5 % | 75.3 % | ||
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 332.56 | 148.0 % | 61.0 % | ||
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 351.13 | 139.8 % | 55.2 % | ||
Table 2 below summarizes the results for January 2025. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
January 2025 | January '25 /December '24 | December/November | 1-Year Change (%) | |||||||
Metropolitan Area | Level | Change (%) | Change (%) | |||||||
246.12 | -0.16 % | -0.54 % | 2.40 % | |||||||
339.62 | -0.28 % | 0.42 % | 6.55 % | |||||||
Charlotte | 279.40 | -0.23 % | -0.28 % | 3.32 % | ||||||
211.23 | 0.47 % | 0.19 % | 7.52 % | |||||||
192.87 | 0.24 % | -0.91 % | 6.45 % | |||||||
293.82 | -0.46 % | 0.00 % | 1.34 % | |||||||
314.60 | -0.12 % | 0.08 % | 1.87 % | |||||||
189.36 | 0.25 % | -0.54 % | 5.73 % | |||||||
300.49 | -0.01 % | 0.05 % | 5.49 % | |||||||
438.45 | 0.51 % | -0.15 % | 3.98 % | |||||||
442.95 | -0.08 % | 0.37 % | 3.32 % | |||||||
238.79 | -0.22 % | -0.57 % | 3.57 % | |||||||
318.15 | 0.09 % | -0.04 % | 7.75 % | |||||||
330.12 | 0.15 % | -0.07 % | 2.74 % | |||||||
327.55 | -0.32 % | -0.09 % | 2.83 % | |||||||
435.83 | 0.13 % | -0.03 % | 3.39 % | |||||||
351.09 | 0.07 % | -0.08 % | 3.00 % | |||||||
385.22 | -0.10 % | -0.33 % | 5.47 % | |||||||
375.52 | -0.59 % | -1.03 % | -1.51 % | |||||||
330.08 | 0.09 % | -0.32 % | 5.10 % | |||||||
Composite-10 | 351.13 | 0.16 % | -0.01 % | 5.31 % | ||||||
Composite-20 | 332.56 | 0.07 % | -0.11 % | 4.67 % | ||||||
323.54 | 0.06 % | -0.14 % | 4.08 % | |||||||
Sources: S&P Dow Jones Indices and CoreLogic | ||||||||||
Data through January 2025 | ||||||||||
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.
January ´25/December´24 Change (%) | December/November Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
-0.16 % | 0.28 % | -0.54 % | 0.14 % | ||||
-0.28 % | 0.27 % | 0.42 % | 1.25 % | ||||
Charlotte | -0.23 % | 0.36 % | -0.28 % | 0.43 % | |||
0.47 % | 1.04 % | 0.19 % | 1.13 % | ||||
0.24 % | 0.79 % | -0.91 % | 0.18 % | ||||
-0.46 % | 0.26 % | 0.00 % | 0.45 % | ||||
-0.12 % | 0.29 % | 0.08 % | 0.73 % | ||||
0.25 % | 0.99 % | -0.54 % | 0.38 % | ||||
-0.01 % | 0.64 % | 0.05 % | 0.70 % | ||||
0.51 % | 0.57 % | -0.15 % | 0.42 % | ||||
-0.08 % | 0.38 % | 0.37 % | 0.71 % | ||||
-0.22 % | 0.48 % | -0.57 % | 0.46 % | ||||
0.09 % | 0.43 % | -0.04 % | 0.34 % | ||||
0.15 % | 0.72 % | -0.07 % | 0.88 % | ||||
-0.32 % | 0.36 % | -0.09 % | 0.47 % | ||||
0.13 % | 0.11 % | -0.03 % | 0.57 % | ||||
0.07 % | 0.50 % | -0.08 % | 0.62 % | ||||
-0.10 % | 0.07 % | -0.33 % | 0.50 % | ||||
-0.59 % | -0.12 % | -1.03 % | -0.33 % | ||||
0.09 % | 0.63 % | -0.32 % | 0.04 % | ||||
Composite-10 | 0.2 % | 0.5 % | 0.0 % | 0.6 % | |||
Composite-20 | 0.1 % | 0.5 % | -0.1 % | 0.5 % | |||
0.1 % | 0.6 % | -0.1 % | 0.5 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through January 2025 | |||||||
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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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