Home Prices (HPI)

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, 2024, +/- 1 standard deviation* of historical month-end values have ranged from -3.33% to +13.74%.¹