U.S. housing: Case Shiller National Home Price Index 2015-2024, by month

House prices in the United States increased steadily between 2015 and 2024, according to the S&P/Case Shiller U.S. National Home Price Index. In July 2024, the index value amounted to 325.78, which was the highest on record. The index measures the development of house prices with 2000 as a baseline as baseline year and an index value of 100. If the index value is equal to 130 in a given month, for example, it means that the house prices increased by 30 percent since 2000. 

S&P/Case Shiller U.S. home indices – additional information

The S&P Case Shiller National Home Price Index is based on the prices of single-family homes in nine U.S. Census divisions: New England, Middle Atlantic, East North Central, West North Central, South Atlantic, East South Central, West South Central, Mountain and Pacific. The index is the leading indicator of the American housing market and one of the indicators of the state of the broader economy.

In order to observe a broader trend on the U.S. housing market, the annual S&P/Case Shiller U.S. National Home Price Index performance might be examined. It shows that the house prices were in a rising trend from 2000 until 2006, when the index reached its highest value in the specified time limit (183.25). In the years 2007-2011, the house prices were falling down and the home price index value decreased to 135.16 points in 2011. Since then, the index rose from year to year and its value amounted to 311 points at the end of 2023. 

The S&P Case Shiller National Home Price Index series also includes S&P/Case Shiller 20-City Composite Home Price Index and S&P/Case Shiller 10-City Composite Home Price Index – measuring the home price changes in the major U.S. metropolitan areas, as well as twenty composite indices for the leading U.S. cities.