S&P CORELOGIC CASE-SHILLER INDEX RECORDS 3.9% ANNUAL GAIN IN DECEMBER 2024

Rhea-AI Summary

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.

Positive

• 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

Negative

• 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

NEW YORK, Feb. 25, 2025 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the December 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 3.9% annual gain in December 2024, a slight increase from the previous annual gains in 2024. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.

YEAR-OVER-YEAR

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual return for December, up from a 3.7% annual gain in the previous month. The 10-City Composite saw an annual increase of 5.1%, up from a 5% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.5%, up from a 4.3% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.2% increase in December, followed by Chicago and Boston with annual increases of 6.6% and 6.3%, respectively. Tampa posted the lowest return, falling 1.1%.

MONTH-OVER-MONTH

The pre-seasonally adjusted U.S. National and 20-City Composite Indices' upward trends continued to reverse in December, with both posting a -0.1% drop. The 10-City Composite's monthly return dropped 0.04%.

After seasonal adjustment, the U.S. National, 20-City, and 10-City Composite Indices all posted a month-over-month increase of 0.5%.

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 8.8% annually since 2020, led by markets in Florida, North Carolina, Southern California, and Arizona. While our National Index continues to trend above inflation, we are a few years removed from peak home price appreciation of 18.9% observed in 2021 and are seeing below-trend growth over the history of the index.

"Home prices stalled during the second half of the year with markets in the West dropping the fastest. San Francisco, the worst performing market since 2020, dropped 4.5% during the last six months of the year, followed by Seattle with a 3.0% decline. San Francisco is now 11.0% lower than its post-pandemic peak reached in May 2022. Previous strongholds like San Diego and Tampa experienced declines of 2.9% and 2.7%, respectively, during the second half of the year. After accounting for seasonal adjustments, our National Index pushed forward to achieve a 19^th consecutive all-time high," Luke continued. "The longest such streak occurred for over 12-years, notching 153 consecutive all-time highs from July 1993 to March 2006.

"The Northeast continues to lead all regions with above-trend growth, led by New York for the eighth consecutive time. Boston reached an all-time high, the only market to do so for the period ended December 2024.

"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 U.S. housing market, particularly if done through a leveraged position by securing a mortgage, has proven to be historically beneficial."

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 (%)
Atlanta	246.51		-0.56 %		-0.27 %		2.35 %
Boston	340.57		0.42 %		0.42 %		6.35 %
Charlotte	280.06		-0.28 %		-0.05 %		3.47 %
Chicago	210.23		0.19 %		-0.35 %		6.60 %
Cleveland	192.42		-0.90 %		-0.01 %		5.24 %
Dallas	295.16		-0.01 %		-0.54 %		1.61 %
Denver	315.00		0.08 %		-0.48 %		1.51 %
Detroit	188.86		-0.57 %		-0.29 %		4.76 %
Las Vegas	300.51		0.05 %		-0.13 %		5.43 %
Los Angeles	436.47		-0.10 %		0.02 %		3.57 %
Miami	443.39		0.40 %		0.24 %		3.28 %
Minneapolis	239.31		-0.54 %		-0.38 %		3.20 %
New York	317.13		-0.19 %		0.33 %		7.22 %
Phoenix	329.62		-0.06 %		0.02 %		2.09 %
Portland	328.57		-0.10 %		-0.32 %		2.92 %
San Diego	435.87		0.06 %		-0.38 %		5.51 %
San Francisco	350.43		-0.20 %		-0.70 %		2.61 %
Seattle	385.72		-0.30 %		-0.74 %		5.61 %
Tampa	377.84		-1.02 %		-0.65 %		-1.11 %
Washington	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 %
U.S. National	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
Atlanta	-0.56 %		0.12 %		-0.27 %		0.25 %
Boston	0.42 %		1.23 %		0.42 %		1.02 %
Charlotte	-0.28 %		0.40 %		-0.05 %		0.42 %
Chicago	0.19 %		1.00 %		-0.35 %		0.43 %
Cleveland	-0.90 %		0.14 %		-0.01 %		0.44 %
Dallas	-0.01 %		0.47 %		-0.54 %		0.29 %
Denver	0.08 %		0.71 %		-0.48 %		0.29 %
Detroit	-0.57 %		0.39 %		-0.29 %		0.30 %
Las Vegas	0.05 %		0.70 %		-0.13 %		0.57 %
Los Angeles	-0.10 %		0.43 %		0.02 %		0.46 %
Miami	0.40 %		0.76 %		0.24 %		0.57 %
Minneapolis	-0.54 %		0.42 %		-0.38 %		0.41 %
New York	-0.19 %		0.22 %		0.33 %		0.39 %
Phoenix	-0.06 %		0.89 %		0.02 %		0.90 %
Portland	-0.10 %		0.73 %		-0.32 %		0.63 %
San Diego	0.06 %		0.68 %		-0.38 %		0.54 %
San Francisco	-0.20 %		0.51 %		-0.70 %		0.23 %
Seattle	-0.30 %		0.49 %		-0.74 %		0.12 %
Tampa	-1.02 %		-0.30 %		-0.65 %		-0.19 %
Washington	-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 %
U.S. National	-0.15 %		0.46 %		-0.16 %		0.41 %
Sources: S&P Dow Jones Indices and CoreLogic Data through December 2024

For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.

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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 United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged.

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 U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

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 December 2024?

The Index recorded a 3.9% annual gain in December 2024, increasing from 3.7% in the previous month.

Which U.S. city showed the highest home price appreciation in December 2024?

New York showed the highest annual gain of 7.2%, followed by Chicago at 6.6% and Boston at 6.3%.

How much have national home prices increased since 2020?

National home prices have risen by 8.8% annually since 2020, though below the peak appreciation of 18.9% seen in 2021.

Which housing markets showed significant declines in the second half of 2024?

San Francisco declined 4.5%, Seattle dropped 3.0%, while San Diego and Tampa fell 2.9% and 2.7% respectively.

How does San Francisco's current home price compare to its post-pandemic peak?

San Francisco's home prices are now 11.0% lower than their post-pandemic peak reached in May 2022.