Home Price Gains Continue to Slow
![Home Price Graph - June 2024](/-/media/NAHB/blog/econ-charts/home-price-graph-062024-1600x900.jpg?rev=b9cc26a66414496583fa7fdd4a8f26e8&h=726&w=1290&la=en&hash=8155DCEF73FBAB4327D92CB5E328B62C)
Home price growth continues to decelerate, according to the recent release of the S&P CoreLogic Case-Shiller Home Price Index (HPI). The S&P CoreLogic Case-Shiller HPI increased at a seasonally adjusted annual rate of 1.89% for June 2024, slowing from a revised rate of 3.28% in May.
Home prices have not seen an outright decrease since January 2023. However, 1.89% is the smallest growth in prices since February 2023. Additionally, the growth rate has shown a generally declining trend since a peak of 9.76% in August 2023.
Meanwhile, the Home Price Index released by the Federal Housing Finance Agency (FHFA) recorded a decline in home prices for June. The index declined at a seasonally adjusted annual rate of -1.04% for June, decreasing from a revised 0.51% rate in May. The FHFA Index has experienced just one other decrease since August 2022 — a decline of -1.03% in January 2024.
Home prices experienced a fourth year-over-year deceleration in June, tabulated by both indexes. The S&P CoreLogic Case-Shiller HPI (not seasonally adjusted – NSA) posted a 5.42% annual gain in June, down from a 5.94% increase in May.
Since June 2023, the index has seen steady increases in the year-over-year growth rate. However, this growth rate began slowing in March 2024 and has continued to decelerate through June. Meanwhile, the FHFA HPI (NSA) index rose 5.23%, down from 5.95% in May. This rate has decelerated from 7.19% in February.
See how prices changed across 20 metro areas and the nine Census divisions in this Eye on Housing post.