S&P Corelogic Case-Shiller Index Reaches New Peak in June 2024

The 10-City Composite reflected a 7.4% yearly increase, while the 20-City Composite recorded a 6.5% gain. Both figures represent a slight deceleration from the previous month’s results.

Monthly Trends

Before seasonal adjustments, the U.S. National Index, 20-City Composite, and 10-City Composite all showed positive momentum, with increases of 0.5%, 0.6%, and 0.6%, respectively. However, these figures indicate a slowing pace compared to earlier months.

After accounting for seasonal factors, the U.S. National Index posted a modest 0.2% monthly change. The 20-City and 10-City Composites demonstrated slightly stronger performance, with 0.4% and 0.5% monthly increases, respectively.

Expert Insights

Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, offered valuable context:

“Home prices continue to outpace inflation, exceeding historical norms. The gap between housing costs and the Consumer Price Index is currently one percentage point above the 50-year average.”

Luke also highlighted the significant long-term appreciation of home values: “Since 1974, home prices have surged over 1,100 percent before adjusting for inflation. Even after accounting for inflation, prices have more than doubled, showing a 111% increase.”