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
Oct 02, 2025
Vermont Executive Order Addresses Builders' Top PrioritiesTwo Vermont Builders and Remodelers Association members stood with Gov. Phil Scott as he signed an executive order to address regulatory barriers, permitting challenges and energy code standards in the state.
Oct 01, 2025
Get National Resources for Local Issues with NAHB's Legal Action FundNAHB’s Legal Action Fund provides support for members facing critical legal challenges that directly impede their ability to develop land and build homes. The current deadline to apply for support is October 28.
Latest Economic News
Oct 01, 2025
Consumer Confidence Drops on Job ConcernsConsumer confidence fell to a five-month low as consumers remain concerned about reignited inflation and a weakening labor market amid economic uncertainty. The labor market differential, which measures the gap between consumers viewing job as plentiful and hard-to-get, has narrowed for nine straight month and is now at lowest level since March 2021.
Sep 30, 2025
Construction Labor Market SoftensThe count of open, unfilled positions in the construction industry decreased in August, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The decline occurred as home building weakened in 2025.
Sep 29, 2025
Characteristics of Homes Built in Age-Restricted CommunitiesIn 2024, approximately 43,000 homes were built in age-restricted communities, representing just over 3% of all housing starts. According to the Census Bureau’s Survey of Construction, roughly three-quarters of these homes (32,000) were single-family units.