S&P CORELOGIC CASE-SHILLER INDEX RECORDS 2.7% ANNUAL GAIN IN APRIL 2025
The S&P CoreLogic Case-Shiller U.S. National Home Price Index recorded a 2.7% annual gain in April 2025, down from 3.4% in March, marking its slowest appreciation since mid-2023. The 10-City and 20-City Composites posted gains of 4.1% and 3.4% respectively.
A significant regional shift emerged with New York leading at 7.9% growth, followed by Chicago (6.0%) and Detroit (5.5%). Former market leaders struggled, with Tampa declining 2.2% and Dallas falling 0.2%. After seasonal adjustment, the National Index posted a 0.4% monthly decrease, suggesting weakening market conditions despite typical spring patterns.
The market faces challenges from mid-6% mortgage rates and affordability constraints, though limited housing supply continues to provide price support.
L'Indice Nazionale dei Prezzi delle Case S&P CoreLogic Case-Shiller ha registrato un incremento annuo del 2,7% ad aprile 2025, in calo rispetto al 3,4% di marzo, segnando la crescita più lenta dalla metà del 2023. I Composite delle 10 e 20 città hanno mostrato aumenti rispettivamente del 4,1% e del 3,4%.
Si è osservato un significativo cambiamento regionale con New York in testa con una crescita del 7,9%, seguita da Chicago (6,0%) e Detroit (5,5%). Le città che in precedenza guidavano il mercato hanno invece mostrato difficoltà, con Tampa in calo del 2,2% e Dallas in diminuzione dello 0,2%. Dopo la correzione stagionale, l'Indice Nazionale ha evidenziato un calo mensile dello 0,4%, indicando un indebolimento delle condizioni di mercato nonostante i consueti andamenti primaverili.
Il mercato deve affrontare sfide legate ai tassi ipotecari intorno al 6% medio e ai vincoli di accessibilità economica, anche se la limitata offerta abitativa continua a sostenere i prezzi.
El Índice Nacional de Precios de Viviendas S&P CoreLogic Case-Shiller registró un incremento anual del 2,7% en abril de 2025, descendiendo desde el 3,4% en marzo, marcando su apreciación más lenta desde mediados de 2023. Los Compuestos de 10 y 20 ciudades mostraron ganancias del 4,1% y 3,4% respectivamente.
Se observó un cambio regional significativo con Nueva York liderando con un crecimiento del 7,9%, seguida por Chicago (6,0%) y Detroit (5,5%). Las ciudades que antes lideraban el mercado enfrentaron dificultades, con Tampa cayendo un 2,2% y Dallas bajando un 0,2%. Tras ajuste estacional, el Índice Nacional mostró una disminución mensual del 0,4%, sugiriendo un debilitamiento de las condiciones del mercado a pesar de los patrones típicos de primavera.
El mercado enfrenta desafíos debido a tasas hipotecarias alrededor del 6% medio y restricciones de accesibilidad, aunque la limitada oferta de viviendas sigue apoyando los precios.
S&P CoreLogic Case-Shiller 미국 전국 주택가격 지수는 2025년 4월에 연간 2.7% 상승을 기록했으며, 이는 3월의 3.4%에서 하락한 수치로 2023년 중반 이후 가장 느린 상승률입니다. 10개 도시 및 20개 도시 복합지수는 각각 4.1%와 3.4%의 상승을 보였습니다.
지역별로 큰 변화가 나타났는데, 뉴욕이 7.9% 성장으로 선두를 차지했고 그 뒤를 시카고(6.0%)와 디트로이트(5.5%)가 이었습니다. 이전 시장 선도 도시들은 어려움을 겪었으며, 탬파는 2.2% 하락, 달라스는 0.2% 하락했습니다. 계절 조정 후 전국 지수는 월간 0.4% 감소를 기록해 봄철 전형적인 패턴에도 불구하고 시장 상황이 약화되고 있음을 시사합니다.
시장에는 6% 중반대의 모기지 금리와 구매력 제약이라는 도전이 있으나, 제한된 주택 공급은 가격을 지지하는 요인으로 작용하고 있습니다.
L'Indice national des prix des logements S&P CoreLogic Case-Shiller a enregistré une hausse annuelle de 2,7% en avril 2025, en baisse par rapport à 3,4% en mars, marquant la plus faible appréciation depuis la mi-2023. Les indices composites des 10 et 20 villes ont affiché des gains respectifs de 4,1% et 3,4%.
Un changement régional significatif s'est dessiné avec New York en tête avec une croissance de 7,9%, suivie de Chicago (6,0%) et Detroit (5,5%). Les anciens leaders du marché ont rencontré des difficultés, Tampa enregistrant une baisse de 2,2% et Dallas une chute de 0,2%. Après ajustement saisonnier, l'indice national a affiché une baisse mensuelle de 0,4%, suggérant un affaiblissement des conditions du marché malgré les tendances printanières habituelles.
Le marché fait face à des défis liés aux taux hypothécaires autour de 6% et aux contraintes d'accessibilité, bien que l'offre limitée de logements continue de soutenir les prix.
Der S&P CoreLogic Case-Shiller U.S. National Home Price Index verzeichnete im April 2025 einen jährlichen Zuwachs von 2,7%, was einen Rückgang gegenüber 3,4% im März bedeutet und die langsamste Wertsteigerung seit Mitte 2023 markiert. Die 10-City- und 20-City-Komposite wiesen Gewinne von 4,1% bzw. 3,4% auf.
Es zeigte sich eine bedeutende regionale Verschiebung, wobei New York mit 7,9% Wachstum führend war, gefolgt von Chicago (6,0%) und Detroit (5,5%). Frühere Marktführer hatten Schwierigkeiten, mit einem Rückgang von 2,2% in Tampa und einem Rückgang von 0,2% in Dallas. Nach saisonaler Bereinigung verzeichnete der nationale Index einen monatlichen Rückgang von 0,4%, was trotz typischer Frühlingsmuster auf eine Abschwächung der Marktbedingungen hindeutet.
Der Markt steht vor Herausforderungen durch Mittel-6%-Hypothekenzinsen und Erschwinglichkeitsbeschränkungen, obwohl das begrenzte Wohnungsangebot weiterhin Preisdruck verhindert.
- New York market shows strong growth with 7.9% annual gain
- Chicago and Detroit demonstrate robust performance with 6.0% and 5.5% gains respectively
- 18 out of 20 metros posted positive monthly gains before seasonal adjustment
- Limited housing supply helps maintain price stability
- National home price growth slowed to 2.7%, the lowest since mid-2023
- Tampa and Dallas markets turned negative with -2.2% and -0.2% annual returns
- Seasonally adjusted National Index declined 0.4% month-over-month
- High mortgage rates continue to impact affordability and buyer participation
Insights
Housing market slowing with 2.7% annual gain in April, showing regional shift from Sun Belt to Northeast/Midwest markets.
The S&P CoreLogic Case-Shiller Index data reveals a significant deceleration in the housing market, with the National Index posting just a
What's particularly noteworthy is the dramatic regional reshuffling occurring in this cycle. The pandemic darlings of the Sun Belt are now underperforming, with Tampa declining
The underlying fundamentals tell an important story. While the market posted a pre-seasonal adjustment gain of
The market appears caught between contradictory forces: persistent affordability challenges with mortgage rates in the mid-6% range versus severely constrained housing supply as existing homeowners remain reluctant to surrender their low pandemic-era rates. This supply-demand imbalance is preventing sharp corrections while simultaneously limiting growth potential.
This transition to more moderate, geographically diverse price growth likely represents a healthier market trajectory than the unsustainable nationwide boom of recent years—one where local fundamentals now matter more than national trends.
YEAR-OVER-YEAR
The S&P CoreLogic Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
ANALYSIS
"The housing market continued its gradual deceleration in April, with annual price gains slowing to their most modest pace in nearly two years," said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "What's particularly striking is how this cycle has reshuffled regional leadership—markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that's increasingly driven by fundamentals rather than speculative fervor.
"The National Composite Index posted a
"Regional performance revealed a dramatic shift from pandemic-era patterns.
"April's monthly performance showed continued seasonal strength but with notable cooling from March's peak. Eighteen metros posted positive monthly gains before seasonal adjustment, led by
"The underlying market dynamics remain challenging but not dire. Mortgage rates sustained their mid
"We're witnessing a housing market in transition," Godec concluded. "The era of broad-based, rapid price appreciation appears over, replaced by a more selective environment where local fundamentals matter more than national trends. For investors and policymakers alike, this shift toward geographic divergence and moderate growth may actually represent a healthier, more sustainable trajectory than the unsustainable boom we experienced just a few years ago."
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 % | 329.61 | 146.0 % | 78.5 % | |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 341.48 | 154.7 % | 65.3 % | |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 361.38 | 146.8 % | 59.7 % | |
Table 2 below summarizes the results for April 2025. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
April 2025 | April/March | March/February | 1-Year | |
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) |
250.71 | 0.7 % | 0.9 % | 2.1 % | |
348.64 | 1.5 % | 0.7 % | 3.9 % | |
Charlotte | 283.96 | 1.0 % | 0.7 % | 2.4 % |
217.55 | 1.2 % | 1.1 % | 6.0 % | |
198.71 | 1.0 % | 1.8 % | 5.2 % | |
297.98 | 0.8 % | 0.5 % | -0.2 % | |
322.08 | 0.7 % | 1.1 % | 0.7 % | |
195.37 | 1.5 % | 1.1 % | 5.5 % | |
304.60 | 0.6 % | 0.7 % | 4.1 % | |
450.90 | -0.1 % | 1.4 % | 2.5 % | |
442.86 | 0.5 % | -0.2 % | 1.4 % | |
244.15 | 0.9 % | 1.1 % | 2.4 % | |
330.24 | 1.2 % | 1.6 % | 7.9 % | |
330.69 | 0.0 % | 0.2 % | 1.3 % | |
333.28 | 0.4 % | 0.8 % | 0.8 % | |
447.78 | 0.7 % | 1.0 % | 1.0 % | |
363.50 | 0.5 % | 1.1 % | 0.2 % | |
402.33 | 1.0 % | 1.8 % | 3.0 % | |
375.94 | 0.7 % | -0.3 % | -2.2 % | |
339.65 | 0.9 % | 1.4 % | 4.3 % | |
Composite-10 | 361.38 | 0.7 % | 1.2 % | 4.1 % |
Composite-20 | 341.48 | 0.7 % | 1.1 % | 3.4 % |
329.61 | 0.6 % | 0.8 % | 2.7 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through April 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.
April/March Change (%) | March/February Change (%) | |||
Metropolitan Area | NSA | SA | NSA | SA |
0.7 % | -0.1 % | 0.9 % | 0.0 % | |
1.5 % | -0.4 % | 0.7 % | -0.6 % | |
Charlotte | 1.0 % | 0.0 % | 0.7 % | -0.2 % |
1.2 % | 0.3 % | 1.1 % | 0.3 % | |
1.0 % | 0.3 % | 1.8 % | 0.7 % | |
0.8 % | -0.6 % | 0.5 % | -0.8 % | |
0.7 % | -0.8 % | 1.1 % | -0.8 % | |
1.5 % | 0.1 % | 1.1 % | 0.2 % | |
0.6 % | -0.2 % | 0.7 % | -0.1 % | |
-0.1 % | -1.1 % | 1.4 % | -0.1 % | |
0.5 % | -0.2 % | -0.2 % | -0.7 % | |
0.9 % | -0.4 % | 1.1 % | -0.1 % | |
1.2 % | 0.6 % | 1.6 % | 1.0 % | |
0.0 % | -0.9 % | 0.2 % | -0.6 % | |
0.4 % | -0.8 % | 0.8 % | -0.7 % | |
0.7 % | -0.6 % | 1.0 % | -0.9 % | |
0.5 % | -1.2 % | 1.1 % | -1.5 % | |
1.0 % | -0.9 % | 1.8 % | -0.7 % | |
0.7 % | 0.0 % | -0.3 % | -1.1 % | |
0.9 % | -0.1 % | 1.4 % | 0.0 % | |
Composite-10 | 0.7 % | -0.3 % | 1.2 % | 0.0 % |
Composite-20 | 0.7 % | -0.3 % | 1.1 % | -0.2 % |
0.6 % | -0.4 % | 0.8 % | -0.3 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through April 2025 | ||||
For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.
FOR MORE INFORMATION:
Alyssa Augustyn
Communications Manager
+1 773-919-4732
alyssa.augustyn@spglobal.com
S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in
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.
View original content:https://www.prnewswire.com/news-releases/sp-corelogic-case-shiller-index-records-2-7-annual-gain-in-april-2025--302489810.html
SOURCE S&P Dow Jones Indices
FAQ
What was the S&P Case-Shiller Home Price Index annual gain in April 2025?
Which cities showed the strongest and weakest housing market performance in April 2025?
How did the Case-Shiller 10-City and 20-City Composites perform in April 2025?
What was the month-over-month change in home prices for April 2025?
How has the housing market trend shifted from pandemic patterns?
