June 2024 S&P Case-Shiller Price Index: Home Price Growth Continues to Stall

The seasonally adjusted S&P CoreLogic Case-Shiller U.S. National Home Price Index® increased 0.2% in June, another slowdown from previous months.

• Nationally, prices rose 5.4% year-over-year in June, down from 5.9% in May and from a recent peak of 6.6% earlier this year in February.
• Annual price growth also slowed in both the 10-city index and the 20-city index.

What happened: Price growth continued to flatten into June, before the more significant mortgage rate relief we’ve seen since. While sellers continued to return, buyers seemed to be more cautious, perhaps finally unable or unwilling to move forward at current pricing and mortgage rates that then still averaged above 6.9% for prime borrowers. Prices increased by only 0.2%, continuing its slowdown. On an annual basis, home prices were up 5.4% when compared to a year ago. 

Why it matters: The cooling in home prices is not the only way we can understand the experience of buyers, sellers, housing professionals and real estate investors —but it’s one of the best measures. 

Days on market for the typical active listing on Zillow increased to 51 days from only 40 in July 2023. A subset of those active listings are more successfully priced and marketed, but those too are selling less quickly. The typical listing that actually accepted an offer in July was only on the market for a median of 18 days –not a ton of time– but that is a significant 6 days longer than last year. 

Home appreciation as measured by Zillow Home Value Index, saw a similar slow down in June. Zillow’s July numbers, available now as well, continue the trend of softer appreciation as we enter the summer months. Whether that holds into August, a month of more dramatic mortgage rate relief, remains to be seen.  Competition in the market could easily pick back up, as lower rates should do more to encourage first-time buyers to return to the market than they free existing owners (and their houses) from “rate lock.” 

Setting aside the Zillow Home Value Index, the S&P Corelogic Case-Shiller Home Price Index is the premier price index to capture price changes in the U.S. housing stock when treated as a portfolio. The value-weighted repeat sales index more heavily incorporates pricing trends from high-value markets like New York and California, for example.