The S&P CoreLogic Case-Shiller Index hits an all-time high in April 2024, reflecting strong U.S. home price growth. Learn about regional trends, market resilience, and the impact of mortgage rates.
According to S&P CoreLogic’s latest Case-Shiller U.S. National Home Price NSA Index, released June 25, 2024, annual home-price growth increased in April 2024 by 6.3 percent, reflecting strong U.S. house rate growth.
The index recorded an annual increase of 6.3% in April 2024, beating the previous record set last month. The 10-city composite increased by 8.0% annually and 20-City Composite recorded an increase of 7.2% Year-over-year.
“For the second consecutive month, we’ve seen our national index jump at least 1 percent over its previous all-time high,” said Brian D. Luke, head of commodities, real & digital assets at S&P Dow Jones Indices, in a statement. “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. 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.”
Over the last nine months, the northeast region has continued to lead in price growth and is maintaining its position as one of the best market performer.
“The Northeast is the best performing market for the previous nine months,” Luke said. “It’s now been over a year since we’ve seen the top region come from the South or the West.”
San Diego leads with a 10.3% annual gain, followed by New York (9.4%) and Chicago (8.7%). However, Denver and Portland recorded the lowest rate of growth, 2% and 1.7% respectively.
The market is at an all-time high, testing its resilience against the historically more active summer season. With San Diego accounting for the majority of returns in the last six months, 13 markets are now at all time highs.
Mortgage rates have been affected by the Fed's aggressive rate increases, which affect affordability and housing supply. The market continues to adjust in the face of rising interest rates.
