S&P CORELOGIC CASE-SHILLER INDEX RECORDS 4.2% ANNUAL GAIN IN AUGUST 2024
The S&P CoreLogic Case-Shiller U.S. National Home Price Index recorded a 4.2% annual gain in August 2024, down from 4.8% in the previous month. The 10-City and 20-City Composites showed annual increases of 6.0% and 5.2% respectively. New York led with the highest annual gain of 8.1%, followed by Las Vegas (7.3%) and Chicago (7.2%). Denver showed the lowest growth at 0.7%.
Month-over-month data showed a -0.1% drop in the non-seasonally adjusted National Index, while seasonally adjusted figures posted a 0.3% increase. Home price growth is showing signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023, with prices decelerating for six consecutive months.
L'indice nazionale dei prezzi delle abitazioni S&P CoreLogic Case-Shiller ha registrato un aumento annuale del 4,2% ad agosto 2024, in calo rispetto al 4,8% del mese precedente. Le composizioni delle 10 e 20 città hanno mostrato aumenti annuali rispettivamente del 6,0% e del 5,2%. New York ha guidato con il più alto aumento annuale dell'8,1%, seguita da Las Vegas (7,3%) e Chicago (7,2%). Denver ha mostrato la crescita più bassa con lo 0,7%.
I dati mese su mese hanno evidenziato un calo dello -0,1% nell'indice nazionale non regolato per la stagionalità, mentre i valori rettificati per la stagionalità hanno registrato un aumento dello 0,3%. La crescita dei prezzi delle abitazioni sta mostrando segni di tensione, registrando il più lento aumento annuale da quando i tassi ipotecari hanno raggiunto il picco nel 2023, con i prezzi che stanno decelerando per sei mesi consecutivi.
El índice nacional de precios de viviendas S&P CoreLogic Case-Shiller registró un aumento anual del 4,2% en agosto de 2024, bajando del 4,8% del mes anterior. Los composites de 10 y 20 ciudades mostraron aumentos anuales del 6,0% y 5,2%, respectivamente. Nueva York lideró con el mayor aumento anual del 8,1%, seguida por Las Vegas (7,3%) y Chicago (7,2%). Denver mostró el crecimiento más bajo con un 0,7%.
Los datos intermensuales mostraron una caída del -0,1% en el índice nacional no ajustado estacionalmente, mientras que las cifras ajustadas estacionalmente mostraron un aumento del 0,3%. El crecimiento de los precios de las viviendas está mostrando signos de tensión, registrando el aumento anual más lento desde que las tasas hipotecarias alcanzaron su punto máximo en 2023, con los precios desacelerándose durante seis meses consecutivos.
S&P CoreLogic Case-Shiller 미국 국가 주택 가격 지수는 2024년 8월에 연간 4.2% 증가를 기록했으며, 이는 이전 달의 4.8%에서 하락한 수치입니다. 10개 도시 및 20개 도시 종합 지수는 각각 6.0%와 5.2%의 연간 증가를 보였습니다. 뉴욕이 8.1%로 가장 높은 연간 증가율을 기록했으며, 라스베가스(7.3%)와 시카고(7.2%)가 뒤를 이었습니다. 덴버는 0.7%로 가장 낮은 성장률을 보였습니다.
월간 데이터에서는 비시즌 조정 국가 지수에서 -0.1%의 하락이 있었으며, 시즌 조정된 수치는 0.3% 증가했습니다. 주택 가격의 성장률은 긴장 신호를 보이고 있으며, 2023년 주택 담보 대출 금리가 정점을 찍은 이후 가장 느린 연간 증가율을 기록하고 있으며, 가격은 6개월 연속으로 둔화되고 있습니다.
L'indice national des prix des logements S&P CoreLogic Case-Shiller a enregistré une augmentation annuelle de 4,2% en août 2024, en baisse par rapport à 4,8% le mois précédent. Les composites des 10 villes et 20 villes ont montré des augmentations annuelles de 6,0% et 5,2% respectivement. New York a mené avec la plus forte augmentation annuelle de 8,1%, suivie par Las Vegas (7,3%) et Chicago (7,2%). Denver a montré la plus faible croissance avec 0,7%.
Les données mensuelles ont montré une baisse de -0,1% dans l'indice national non ajusté saisonnièrement, tandis que les chiffres ajustés saisonnièrement ont affiché une augmentation de 0,3%. La croissance des prix des logements montre des signes de tension, enregistrant la plus faible augmentation annuelle depuis que les taux hypothécaires ont atteint leur sommet en 2023, avec des prix qui décélèrent pendant six mois consécutifs.
Der S&P CoreLogic Case-Shiller US National Home Price Index verzeichnete im August 2024 einen jährlichen Anstieg von 4,2%, was einen Rückgang von 4,8% im Vormonat darstellt. Die 10-Städte- und 20-Städte-Kompositionen zeigten jährliche Zuwächse von 6,0% und 5,2% respektive. New York führte mit dem höchsten jährlichen Anstieg von 8,1%, gefolgt von Las Vegas (7,3%) und Chicago (7,2%). Denver verzeichnete das geringste Wachstum mit 0,7%.
Monatliche Daten zeigten einen Rückgang von -0,1% im nicht saisonbereinigten nationalen Index, während saisonbereinigte Zahlen einen Anstieg von 0,3% verzeichneten. Das Wachstum der Immobilienpreise zeigt Zeichen von Belastung und verzeichnete den langsamsten jährlichen Anstieg seit dem Höhepunkt der Hypothekenzinsen im Jahr 2023, während die Preise sechs Monate in Folge zurückgingen.
- Home prices continue to show positive annual gains across all markets
- Seasonally adjusted home prices reached all-time highs for the 15th consecutive month
- Northeast region demonstrates strongest market performance
- National home price growth decelerated to 4.2% from 4.8% in the previous month
- Pre-seasonally adjusted indices showed negative monthly returns (-0.1% to -0.4%)
- Price appreciation rates fell below the long-run average of 4.8%
- Only 3 out of 20 markets (New York, Las Vegas, Chicago) are at all-time highs
Insights
The housing market is showing notable signs of cooling with the
The seasonally adjusted data reveals a more nuanced picture, with national prices still reaching new highs for the 15th straight month. However, the pre-seasonal adjustment figures showing negative monthly returns (-
The divergence between seasonally adjusted and non-adjusted data merits attention. While headline numbers show deceleration, the seasonally adjusted national index posted a
Only three markets reaching all-time highs (New York, Las Vegas, Chicago) versus 15 consecutive months of national index peaks suggests localized market strength amid broader cooling. This dichotomy between national and regional trends could signal emerging structural changes in U.S. housing market dynamics.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
ANALYSIS
"Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023," says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. "As students went back to school, home price shoppers appeared less willing to push the index higher than in the summer months. Prices continue to decelerate for the past six months, pushing appreciation rates below their long-run average of
"Regionally, all markets continue to remain positive, barely," Luke continued. "
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 % | 325.03 | 142.6 % | 76.1 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 334.74 | 149.7 % | 62.1 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 352.04 | 140.4 % | 55.6 % | |
Table 2 below summarizes the results for August 2024. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
August 2024 | August/July | July/June | 1-Year | ||||
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) | |||
250.08 | -0.03 % | 0.16 % | 3.67 % | ||||
338.63 | -0.29 % | 0.00 % | 5.50 % | ||||
Charlotte | 281.75 | -0.02 % | 0.22 % | 4.98 % | |||
211.53 | 0.43 % | 0.50 % | 7.23 % | ||||
195.20 | -0.24 % | 1.07 % | 6.90 % | ||||
300.30 | -0.47 % | -0.10 % | 1.58 % | ||||
319.91 | -0.71 % | -0.41 % | 0.67 % | ||||
191.47 | 0.15 % | 0.40 % | 5.98 % | ||||
301.99 | 0.21 % | 0.91 % | 7.28 % | ||||
442.29 | -0.66 % | -0.35 % | 5.91 % | ||||
443.51 | -0.10 % | 0.31 % | 5.06 % | ||||
242.80 | -0.17 % | 0.17 % | 2.03 % | ||||
314.33 | -0.12 % | 0.55 % | 8.10 % | ||||
329.13 | -0.10 % | 0.07 % | 2.07 % | ||||
332.01 | -0.16 % | 0.07 % | 0.81 % | ||||
443.09 | -0.67 % | -0.67 % | 5.74 % | ||||
359.39 | -1.15 % | -0.97 % | 2.78 % | ||||
395.18 | -0.45 % | -0.14 % | 5.18 % | ||||
387.09 | -0.21 % | -0.09 % | 1.65 % | ||||
331.03 | -0.15 % | 0.11 % | 5.44 % | ||||
Composite-10 | 352.04 | -0.36 % | 0.01 % | 5.98 % | |||
Composite-20 | 334.74 | -0.32 % | 0.04 % | 5.20 % | |||
325.03 | -0.13 % | 0.01 % | 4.25 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic | |||||||
Data through August 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.
August/July Change (%) | July/June Change (%) | ||||||
Metropolitan Area | NSA | SA | NSA | SA | |||
-0.03 % | 0.18 % | 0.16 % | 0.09 % | ||||
-0.29 % | 0.22 % | 0.00 % | 0.31 % | ||||
Charlotte | -0.02 % | 0.15 % | 0.22 % | 0.24 % | |||
0.43 % | 0.81 % | 0.50 % | 0.36 % | ||||
-0.24 % | 0.22 % | 1.07 % | 0.32 % | ||||
-0.47 % | 0.23 % | -0.10 % | 0.07 % | ||||
-0.71 % | 0.23 % | -0.41 % | 0.03 % | ||||
0.15 % | 0.40 % | 0.40 % | 0.43 % | ||||
0.21 % | 0.21 % | 0.91 % | 0.48 % | ||||
-0.66 % | 0.25 % | -0.35 % | 0.20 % | ||||
-0.10 % | -0.07 % | 0.31 % | 0.38 % | ||||
-0.17 % | 0.45 % | 0.17 % | 0.21 % | ||||
-0.12 % | 0.30 % | 0.55 % | 0.51 % | ||||
-0.10 % | 0.16 % | 0.07 % | -0.09 % | ||||
-0.16 % | 0.42 % | 0.07 % | 0.25 % | ||||
-0.67 % | 0.42 % | -0.67 % | 0.06 % | ||||
-1.15 % | 0.28 % | -0.97 % | -0.34 % | ||||
-0.45 % | 0.85 % | -0.14 % | 0.91 % | ||||
-0.21 % | -0.05 % | -0.09 % | -0.30 % | ||||
-0.15 % | 0.65 % | 0.11 % | 0.40 % | ||||
Composite-10 | -0.36 % | 0.34 % | 0.01 % | 0.26 % | |||
Composite-20 | -0.32 % | 0.35 % | 0.04 % | 0.25 % | |||
-0.13 % | 0.32 % | 0.01 % | 0.08 % | ||||
Sources: S&P Dow Jones Indices and CoreLogic Data through August 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.
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FAQ
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