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Case-Shiller: Home Prices Reach Another New High

WRE News June 27, 2024


Case-Shiller: Home Prices Reach Another New High

The latest Case-Shiller data points to a housing market where prices continue set record highs.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.3% annual gain in April, down from 6.5% the previous month. The 10-City Composite annual increase recorded an 8.0% gain, down from 8.3% the previous month while the 20-City Composite posted a 7.2% year-over-year gain, down from 7.5% in the previous month.

The National Index posted a 1.2% month-over-month increase while the 10-City and 20-City Composites both posted increases of 1.38% and 1.36% before a seasonal adjustment in April. After the seasonal adjustment, the National Index and 10-City Composite posted the same month-over-month increases of 0.3% and 0.5%, while the 20-City Composite posted an increase of 0.4%.

Among the cities tracked by this data, San Diego, New York and Chicago reported the highest year-over-year gains with year-over-year price increases of 10.3%, 9.4% and 8.7%, respectively.

“For the second consecutive month, we’ve seen our National Index jump at least 1% over its previous all-time high,” said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year.”

Luke added that 13 markets were currently at all-time highs, although he also observed a cooling trend taking place.

“Last month’s all-time high came with all 20 markets accelerating price gains,” he said. “This month, just over half of our markets are seeing prices accelerate on a monthly basis. At 6.3% annual gains, the index has decelerated from the start of the year, with only two markets rising on an annual basis.”

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