S&P CoreLogic Case-Shiller Index Breaks Previous Month's All-Time High in April 2024
JUNE 25, 2024 - S&P Dow Jones Indices (S&P DJI) announced today the release of the April 2024 results for the S&P CoreLogic Case-Shiller Indices, revealing that the leading measure of U.S. home prices broke the previous month's all-time high. The data, which can be accessed in full at www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller, provides valuable insights into the state of the housing market.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.3% annual gain for April, marking a decrease from the 8.3% annual increase in the previous month. Similarly, the 20-City Composite posted a year-over-year increase of 7.2%, down from 7.5% in the previous month.
In terms of regions, San Diego reported the highest annual gain among the 20 cities in April, with a 10.3% increase. New York and Chicago followed closely behind with increases of 9.4% and 8.7%, respectively. On the other hand, Portland held the lowest rank for the smallest year-over-year growth, with a 1.7% annual increase in April.
The month-over-month trend also showed a deceleration in the upward trajectory. The U.S. National Index, the 20-City Composite, and the 10-City Composite saw pre-seasonality adjustment increases of 1.2%, 1.36%, and 1.38%, respectively. However, after seasonal adjustment, the U.S. National Index and 10-City Composite posted the same month-over-month increase of 0.3% and 0.5% respectively as last month, while the 20-City reported a monthly increase of 0.4%.
Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, commented on the findings, stating, "For the second consecutive month, we've seen our National Index jump at least 1% over its previous all-time high. 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."
The report also highlighted the sustained outperformance of the Northeast market, with New York exhibiting a 9.4% annual increase, making it the best performing market for the previous nine months. Furthermore, San Diego has consistently topped annual returns for the last six months.
Luke noted, "Last month's all-time high came with all 20 markets accelerating price gains. 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."
For more information and analysis, please refer to the full article available for download on the S&P Dow Jones Indices website.
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