NEW
YORK, Sept. 24, 2024 /PRNewswire/ -- S&P Dow
Jones Indices (S&P DJI) today released the July 2024 results for the S&P CoreLogic
Case-Shiller Indices. The leading measure of U.S. home prices
reached a new all-time high with a decelerating trend for
July 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 5.0%
annual gain for July, down from a 5.5% annual gain in the previous
month. The 10-City Composite saw an annual increase of 6.8%, down
from a 7.4% annual increase in the previous month. The 20-City
Composite posted a year-over-year increase of 5.9%, dropping from a
6.5% increase in the previous month. New
York again reported the highest annual gain among the 20
cities with an 8.8% increase in July, followed by Las Vegas and Los
Angeles with annual increases of 8.2% and 7.2%,
respectively. Portland held the
lowest rank for the smallest year-over-year growth, notching the
same 0.8% annual increase in July as last month.
MONTH-OVER-MONTH
The U.S. National Index, the 20-City Composite, and the 10-City
Composite upward trends continued to decelerate from last month,
with pre-seasonality adjustment increases of 0.1% for the national
index, and both the 20-City and 10-City Composites remained
unchanged on the month.
After seasonal adjustment, the U.S. National Index posted a
month-over-month increase of 0.2%, while both the 20-City and
10-City Composite reported a monthly rise of 0.3%.
ANALYSIS
"Accounting for seasonality of home purchases, we have witnessed
14 consecutive record highs in our National Index," says
Brian D. Luke, CFA, Head of
Commodities, Real & Digital Assets. "While the S&P 500 has
achieved thirty-nine record highs and the S&P GSCI Gold TR hit
thirty-five record highs, housing is following a similar
trajectory. The growth has come at a cost, with all but two markets
decelerating last month, eight markets seeing monthly declines, and
the slowest annual growth nationally in 2024. Overall, the indices
continue to grow at a rate that exceeds long-run averages after
accounting for inflation."
Luke continued, "We continue to observe out-performance in most
low-price tiers in the market on a 3 and 5-year horizon. The
low-price tier of Tampa was the
best performing market nationally with 5-year performance of 88%.
The New York market was the best
market annually, posting a gain of 8.9%. New York's low-tier index, which include home
values up to $533,000, helped drive
that growth with 10.8% annual gains. Over 5-years, markets such as
New York and Atlanta, saw low price tiered indices
outperforming their market by as much as 20% and 18%, respectively.
The relative outperformance of low-price tiered indices has both
benefited first time homebuyers as well as made it more difficult
to for those looking for a stater home. The opposite is happening
in California which has the most
expensive high-price tiers in the nation, all well over
$1 million. The rich are getting
richer in San Diego, Los Angeles, and San
Francisco where their high price-tiered indices outperformed
on a 1- and 3-year basis.
Regionally, the Northeast remains the best performing market,
with New York the top performer
for 3-months running, followed by the Midwest region. All markets
in the Northeast and Midwest recorded an all-time high. The south
reported the slowest gains regionally but includes five of the
seven best performing markets since 2020," according to Luke.
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 %
|
325.78
|
143.1 %
|
76.5 %
|
20-City
|
206.52
|
Jul-06
|
134.07
|
Mar-12
|
-35.1 %
|
335.77
|
150.4 %
|
62.6 %
|
10-City
|
226.29
|
Jun-06
|
146.45
|
Mar-12
|
-35.3 %
|
353.24
|
141.2 %
|
56.1 %
|
|
|
|
|
|
|
|
|
|
|
Table 2 below summarizes the results for July 2024. The S&P CoreLogic Case-Shiller
Indices could be revised for the prior 24 months, based on the
receipt of additional source data.
|
July
2024
|
July/June
|
June/May
|
1-Year
|
|
Metropolitan
Area
|
Level
|
Change
(%)
|
Change
(%)
|
Change
(%)
|
|
Atlanta
|
250.14
|
0.15 %
|
0.73 %
|
4.49 %
|
|
Boston
|
339.68
|
0.03 %
|
0.66 %
|
6.46 %
|
|
Charlotte
|
281.88
|
0.23 %
|
0.48 %
|
5.83 %
|
|
Chicago
|
210.41
|
0.45 %
|
1.01 %
|
6.67 %
|
|
Cleveland
|
195.71
|
1.10 %
|
0.75 %
|
6.97 %
|
|
Dallas
|
301.67
|
-0.11 %
|
0.39 %
|
1.87 %
|
|
Denver
|
322.21
|
-0.40 %
|
0.26 %
|
1.32 %
|
|
Detroit
|
191.19
|
0.39 %
|
1.13 %
|
6.65 %
|
|
Las Vegas
|
301.37
|
0.88 %
|
0.85 %
|
8.24 %
|
|
Los Angeles
|
445.63
|
-0.28 %
|
0.56 %
|
7.23 %
|
|
Miami
|
443.98
|
0.31 %
|
0.63 %
|
6.46 %
|
|
Minneapolis
|
243.21
|
0.14 %
|
0.65 %
|
2.03 %
|
|
New York
|
314.38
|
0.52 %
|
0.74 %
|
8.76 %
|
|
Phoenix
|
329.54
|
0.09 %
|
0.43 %
|
2.88 %
|
|
Portland
|
332.28
|
-0.01 %
|
0.13 %
|
0.84 %
|
|
San Diego
|
446.55
|
-0.58 %
|
0.62 %
|
7.19 %
|
|
San
Francisco
|
363.20
|
-1.09 %
|
0.30 %
|
3.38 %
|
|
Seattle
|
397.29
|
-0.05 %
|
0.57 %
|
6.01 %
|
|
Tampa
|
387.84
|
-0.10 %
|
0.23 %
|
2.24 %
|
|
Washington
|
331.58
|
0.11 %
|
0.59 %
|
5.53 %
|
|
Composite-10
|
353.24
|
0.01 %
|
0.63 %
|
6.77 %
|
|
Composite-20
|
335.77
|
0.04 %
|
0.61 %
|
5.92 %
|
|
U.S.
National
|
325.78
|
0.10 %
|
0.49 %
|
4.96 %
|
|
Sources: S&P Dow
Jones Indices and CoreLogic
|
|
|
|
|
Data through July
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.
|
July/June Change
(%)
|
June/May Change
(%)
|
Metropolitan
Area
|
NSA
|
SA
|
NSA
|
SA
|
Atlanta
|
0.15 %
|
0.08 %
|
0.73 %
|
0.19 %
|
Boston
|
0.03 %
|
0.39 %
|
0.66 %
|
0.34 %
|
Charlotte
|
0.23 %
|
0.21 %
|
0.48 %
|
-0.04 %
|
Chicago
|
0.45 %
|
0.31 %
|
1.01 %
|
0.24 %
|
Cleveland
|
1.10 %
|
0.37 %
|
0.75 %
|
0.26 %
|
Dallas
|
-0.11 %
|
0.04 %
|
0.39 %
|
-0.06 %
|
Denver
|
-0.40 %
|
0.03 %
|
0.26 %
|
0.18 %
|
Detroit
|
0.39 %
|
0.43 %
|
1.13 %
|
0.52 %
|
Las Vegas
|
0.88 %
|
0.47 %
|
0.85 %
|
0.23 %
|
Los Angeles
|
-0.28 %
|
0.28 %
|
0.56 %
|
0.56 %
|
Miami
|
0.31 %
|
0.38 %
|
0.63 %
|
-0.02 %
|
Minneapolis
|
0.14 %
|
0.18 %
|
0.65 %
|
0.08 %
|
New York
|
0.52 %
|
0.50 %
|
0.74 %
|
0.68 %
|
Phoenix
|
0.09 %
|
0.18 %
|
0.43 %
|
-0.25 %
|
Portland
|
-0.01 %
|
0.29 %
|
0.13 %
|
-0.24 %
|
San Diego
|
-0.58 %
|
0.12 %
|
0.62 %
|
0.70 %
|
San
Francisco
|
-1.09 %
|
-0.42 %
|
0.30 %
|
0.63 %
|
Seattle
|
-0.05 %
|
1.08 %
|
0.57 %
|
0.87 %
|
Tampa
|
-0.10 %
|
-0.26 %
|
0.23 %
|
0.00 %
|
Washington
|
0.11 %
|
0.41 %
|
0.59 %
|
0.46 %
|
Composite-10
|
0.01 %
|
0.28 %
|
0.63 %
|
0.55 %
|
Composite-20
|
0.04 %
|
0.27 %
|
0.61 %
|
0.47 %
|
U.S.
National
|
0.10 %
|
0.18 %
|
0.49 %
|
0.18 %
|
Sources: S&P Dow
Jones Indices and CoreLogic
Data through July
2024
|
For more information about S&P Dow Jones Indices, please
visit www.spglobal.com/spdji.
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delivers real-time commentary and analysis from industry experts
across S&P Global on a wide range of topics impacting
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the United States. Readers and
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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