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
The housing industry is experiencing elevated costs across the board — from land to labor and building materials. NAHB’s Economics team is in the process of measuring how these rising costs impact the cost to build single-family homes. And we need your help.
Congress passed a short-term continuing resolution extending funding at current levels for federal programs through Dec. 11.
Latest Economic News
The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2025, according to the 2025 Survey of Construction (SOC) from the Census Bureau.
The U.S. labor market rebounded in August, with nonfarm payrolls increasing by 162,000 and upward revisions adding 55,000 jobs to June and July. The unemployment rate held steady at 4.1%, as both employment and the labor force participation rate rose over the month.
In the second quarter of 2026, the national median price for a new single-family home was $410,700, $25,000 lower than the national median price of an existing home, which stood at $435,700.