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
Jun 12, 2026
Cabinet-Level Officials Discuss Regulatory Reform With NAHB MembersOn June 11, Housing and Urban Development Secretary Scott Turner, Small Business Administration Administrator Kelly Loeffler, Federal Housing Finance Agency Director William Pulte and Environmental Protection Agency Administrator Lee Zeldin discussed housing, environmental and small business regulatory issues during NAHB’s Spring Leadership Meeting.
Jun 11, 2026
Fed Rate Hike Possible Amid Inflation and Geopolitical UncertaintyThe bond market is projecting that it is now more likely than not that the next monetary policy move by the central bank is a federal funds rate increase rather than a cut. NAHB Chief Economist Robert Dietz provides his insights and recaps key factors shaping the market.
Latest Economic News
Jun 12, 2026
Single-Family Permits Continue to Decline Through April as Multifamily Activity StrengthensThrough April 2026, residential construction activity remained uneven across housing sectors. Single-family permitting continued to soften compared with a year ago, reflecting persistent affordability challenges and elevated borrowing costs, while multifamily permitting posted solid gains supported by stronger activity in several regions.
Jun 11, 2026
Residential Building Material Prices Rise at Highest Rate In Over Three YearsWholesale prices of goods used in residential construction rose in May as energy prices continued to climb.
Jun 10, 2026
Inflation Surpassed 4% in MayInflation accelerated to a new three-year high in May, driven by continued increases in energy costs from the Iran war. Energy costs drove more than 60% of the monthly increase, with national gasoline prices jumping more than a dollar since the war began.