Home Prices (HPI)
Monthly Values (%): January '01 - March '24
+/- 1 standard deviation of S&P/Case-Shiller Composite-20 City Home Price Index YoY % Change figures fall into this range.
-20-15-10-50.0510152025'01'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23'2412.39Jan '0112.22Feb '0111.97Mar '0111.39Apr '0110.50May '019.87Jun '019.68Jul '019.62Aug '019.59Sep '019.33Oct '018.78Nov '017.93Dec '017.34Jan '027.07Feb '027.15Mar '027.48Apr '028.28May '028.97Jun '029.69Jul '0210.19Aug '0210.51Sep '0211.01Oct '0211.51Nov '0212.22Dec '0212.44Jan '0312.49Feb '0312.18Mar '0311.81Apr '0311.28May '0310.62Jun '0310.28Jul '0310.17Aug '0310.46Sep '0310.69Oct '0311.02Nov '0311.36Dec '0311.83Jan '0412.42Feb '0413.33Mar '0414.37Apr '0415.37May '0416.57Jun '0417.09Jul '0417.12Aug '0416.87Sep '0416.63Oct '0416.37Nov '0416.17Dec '0416.32Jan '0516.59Feb '0516.60Mar '0516.26Apr '0515.85May '0515.33Jun '0515.07Jul '0515.17Aug '0515.44Sep '0515.66Oct '0515.73Nov '0515.52Dec '0514.74Jan '0613.83Feb '0612.33Mar '0611.17Apr '069.97May '068.57Jun '067.19Jul '065.74Aug '064.28Sep '063.01Oct '061.84Nov '06.67Dec '06-.06Jan '07-.80Feb '07-1.29Mar '07-2.09Apr '07-2.79May '07-3.37Jun '07-3.78Jul '07-4.27Aug '07-4.91Sep '07-6.05Oct '07-7.68Nov '07-9.03Dec '07-10.69Jan '08-12.70Feb '08-14.34Mar '08-15.24Apr '08-15.75May '08-15.88Jun '08-16.28Jul '08-16.58Aug '08-17.40Sep '08-18.08Oct '08-18.23Nov '08-18.61Dec '08-19.01Jan '09-18.67Feb '09-18.66Mar '09-18.08Apr '09-16.97May '09-15.38Jun '09-13.25Jul '09-11.26Aug '09-9.29Sep '09-7.34Oct '09-5.39Nov '09-3.08Dec '09-.71Jan '10.66Feb '102.34Mar '103.81Apr '104.63May '104.24Jun '103.16Jul '101.63Aug '10.43Sep '10-.85Oct '10-1.64Nov '10-2.40Dec '10-3.12Jan '11-3.47Feb '11-3.98Mar '11-4.24Apr '11-4.50May '11-4.38Jun '11-4.02Jul '11-3.72Aug '11-3.59Sep '11-3.57Oct '11-3.88Nov '11-4.07Dec '11-3.95Jan '12-3.58Feb '12-2.59Mar '12-1.77Apr '12-.49May '12.60Jun '121.18Jul '121.99Aug '123.00Sep '124.27Oct '125.53Nov '126.94Dec '128.09Jan '139.27Feb '1310.72Mar '1311.96Apr '1312.11May '1312.01Jun '1312.31Jul '1312.80Aug '1313.25Sep '1313.60Oct '1313.70Nov '1313.38Dec '1313.17Jan '1412.86Feb '1412.36Mar '1410.82Apr '149.32May '148.05Jun '146.72Jul '145.55Aug '144.73Sep '144.42Oct '144.21Nov '144.35Dec '144.38Jan '154.88Feb '154.91Mar '154.90Apr '154.87May '154.83Jun '154.90Jul '155.00Aug '155.23Sep '155.34Oct '155.62Nov '155.56Dec '155.63Jan '165.39Feb '165.45Mar '165.43Apr '165.22May '165.09Jun '165.01Jul '165.05Aug '165.00Sep '165.00Oct '165.15Nov '165.42Dec '165.71Jan '175.88Feb '175.89Mar '175.73Apr '175.73May '175.63Jun '175.77Jul '175.80Aug '176.10Sep '176.29Oct '176.36Nov '176.28Dec '176.38Jan '186.72Feb '186.73Mar '186.61Apr '186.43May '186.27Jun '185.83Jul '185.50Aug '185.14Sep '184.91Oct '184.47Nov '184.04Dec '183.43Jan '192.84Feb '192.53Mar '192.46Apr '192.32May '192.14Jun '192.00Jul '192.00Aug '192.07Sep '192.23Oct '192.54Nov '192.82Dec '193.13Jan '203.52Feb '203.91Mar '203.87Apr '203.60May '203.51Jun '204.19Jul '205.40Aug '206.73Sep '208.09Oct '209.21Nov '2010.18Dec '2011.22Jan '2112.14Feb '2113.54Mar '2115.20Apr '2117.27May '2119.22Jun '2120.02Jul '2119.66Aug '2119.11Sep '2118.46Oct '2118.26Nov '2118.47Dec '2118.99Jan '2220.31Feb '2221.23Mar '2221.30Apr '2220.54May '2218.68Jun '2216.06Jul '2213.16Aug '2210.54Sep '228.77Oct '226.93Nov '224.76Dec '222.75Jan '23.54Feb '23-1.00Mar '23-1.63Apr '23-1.72May '23-1.19Jun '23.17Jul '232.19Aug '233.97Sep '234.95Oct '235.50Nov '236.22Dec '236.63Jan '247.33Feb '247.38Mar '247.38

Data represent historical month end values

Frequently Asked Questions

What is it?

  • The S&P/Case-Shiller Home Price Index is a measurement of U.S. residential real estate prices, tracking changes in top 20 metropolitan regions. This indicator value represents the trailing year over year % change in the home prices index as of last month-end.

Why is it important?

  • Residential real estate represents a large portion of the US economy and the Home Price index helps us monitor the value of real estate.

How do we interpret it?

  • Rising value levels indicate an improving economy and increased homeowner wealth. Declines in the value usually indicate the opposite.

Typical historical range

  • As of December 31, 2023, +/- 1 standard deviation* of historical month-end values have ranged from -3.54% to +13.88%.1

12 month trend