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June 24, 2025US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, APRIL 2025 Month-over-month (April 2025 vs March 2025, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices decreased by 0.4% from the previous month. The 20-city composite and 10-city composite averages were each down 0.3%.
Month-over-month housing prices decreased for 15 of 20 major urban centres, with the largest gain in New York. San Francisco and Los Angeles reported the fastest declines.
Year over year (April 2025 vs April 2024, seasonally adjusted)
In the year over year comparison, National US house prices increased 2.7%. The 20-city composite average increased 3.4% while the 10-city composite grew 4.0%. Housing prices were up for 18 of 20 major urban centres. The largest gains were in New York and Chicago. The only declines were reported in Tampa and Dallas.
Year to date (January-April 2025 vs January-April 2024, seasonally adjusted)
US national house prices rose by 3.5% in the first four months of 2025 when compared to the same period last year. The 20-city composite average was up 4.2% and the 10-city composite was up 4.9%.
Housing prices were up for all major urban centres except in Tampa. The largest gains were in New York and Chicago.
Trends
After bottoming out in 2012, US house prices grew at a steady pace up to 2020 before accelerating from summer 2020 to summer 2022. US house prices declined from summer 2022 to January 2023. In 2023 and 2024, US house prices gradually increased and passed the peak of June 2022. In recent months, US house prices are declining following a gradual increasing trend.
Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) grew more rapidly starting in 2016 and accelerated again in 2020. However, in recent months, house price inflation in the US has grown more rapidly than in Canada. Canada's 11-city composite house prices fell 1.6% year-over-year in May 2025.
After a long period of slow growth, house prices in Halifax started to accelerate from 2019 until May 2022. Following a period of fluctuations in early 2023, Halifax year-over-year resale price growth accelerated through the second half of the year. In the first quarter of 2024 Halifax resale house prices were trending down, but resumed growth in spring. May 2025 resale prices in Halifax increased 1.4% over a year ago.
The 20-City Composite Index includes Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington DC.
The 10-City Composite Index includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington DC.
Source: S&P Dow Jones Indices, retrieved from FRED, Federal Reserve Bank of St. Louis
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