S&P Case-Shiller Report: U.S. Home Prices Show Slowest Annual Growth in Years

The S&P Case-Shiller Home Price Indices remain one of the most trusted benchmarks for tracking U.S. home prices. Covering all nine census divisions, the National Home Price Index has measured housing market trends for more than 27 years.

According to the most recent update, home prices increased just 1.9% year-over-year through the end of June—a slowdown from the 2.3% gain recorded the previous month. This marks the weakest annual growth rate since the summer of 2023.

Nicholas Godec, Head of Fixed Income Tradeables & Commodities at S&P Dow Jones Indices, described the results as evidence of a major shift in the housing market.

“June’s results mark the continuation of a decisive shift in the housing market, with national home prices rising just 1.9 percent year-over-year – the slowest pace since the summer of 2023. What makes this deceleration particularly noteworthy is the underlying pattern: the modest 1.9 percent annual gain masks significant volatility, with the first half of the period showing declining prices that were more than offset by a 2.5 percent surge in the most recent six months, suggesting the housing market experienced a meaningful inflection point around the start of 2025,” Godec said.

What This Means for Buyers and Sellers

• For buyers: Slower national home price growth may signal improved affordability in certain regions, though local market conditions still vary widely.

• For sellers: The housing market remains resilient, with prices rebounding in recent months despite earlier declines.

Housing Market Outlook

The Case-Shiller data highlights a pivotal moment in the U.S. housing market. While long-term price growth has cooled, the strong rebound in the last six months suggests that real estate activity may be gaining fresh momentum heading into 2025.

For anyone considering buying, selling, or refinancing, staying on top of reports like the S&P Case-Shiller Index provides valuable insight into current and future market trends.