Home Price Gains Continue to Slow
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.
Latest from NAHBNow
Legal
Mar 06, 2026
NAHB Commends Court Ruling Vacating HUD 2021 IECC MandateNAHB Chairman Bill Owens issued the following statement after the Eastern District Court of Texas issued its decision in a lawsuit brought by NAHB and 15 states challenging the legality of the HUD and USDA rule imposing the 2021 International Energy Conservation Code and the 2019 ASHRAE 90.1 standard on certain housing programs.
Membership
Mar 06, 2026
Bill Truex Seeks Certification as a Candidate for 2028 NAHB Third Vice ChairmanThe NAHB Nominations Committee announces that Bill Truex, president, Truex Preferred Construction in Englewood, FL, has submitted his Letter of Intent to seek certification as a candidate for NAHB 2028 Third Vice Chairman.
Latest Economic News
Economics
Mar 06, 2026
U.S. Economy Loses 92,000 Jobs in FebruaryThe U.S. labor market weakened in February, as payroll employment declined and the unemployment rate rose to 4.4%. The cooling labor market could place the Federal Reserve in a challenging position as policymakers weigh slower job growth against inflation pressures from rising oil prices.
Economics
Mar 05, 2026
Builders Identify Key Long-Term Forces Shaping Housing Demand and Industry HealthHome builders are keenly aware of the complex long-term outlook ahead for the home building industry. A recent NAHB/Wells Fargo HMI survey asked builders to assess the impact of 14 major trends and forces on the health of the industry and housing demand over the next 10 years.
Economics
Mar 05, 2026
Affordability Posts Mild Gains in Second Half of 2025 but Crisis ContinuesThough new and existing homes remain largely unaffordable, the needle moved slightly in the right direction in the second half of 2025, according to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI).