The S&P CoreLogic Case-Shiller U.S. National Home Price Index hit a new all-time high in June 2024, according to the latest release by S&P Dow Jones Indices. However, the pace of price growth continued to decelerate, reflecting a cooling housing market. The National Home Price Index, which tracks home prices across all nine U.S. census divisions, saw a 5.4% annual gain in June, down from 5.9% in May. Similarly, the 10-City and 20-City Composites posted year-over-year gains of 7.4% and 6.5%, respectively, both lower than the previous month's increases.
New York led the 20-City Composite with a 9.0% annual increase, followed by San Diego and Las Vegas with 8.7% and 8.5% gains. At the other end, Portland experienced the smallest annual growth, with home prices rising by just 0.8%.
Month-over-month, price increases also decelerated. The U.S. National Index rose by 0.5% before seasonal adjustments and 0.2% after adjustments. Despite slower growth, the index continues to show strong real price performance when adjusted for inflation.
Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets at S&P DJI, noted that inflation and housing remain key political issues as the U.S. approaches election season. According to Luke, home prices have risen 1,100% since 1974 but have only doubled after adjusting for inflation.
