U.S house price index, S&P/Case-Shiller, seasonally adjusted (1990=100)

United States

Real estate price trends in the United States. We use the Federal Housing Finance Agency (FHFA) quarterly indices for single-family detached properties in 20 major metropolitan areas utilizing repeat-sales methodology.

House prices in U.S. (S&P/Case-Shiller), % change 1 yr

Nominal and inflation-adjusted ('real')

United States

Source: S&P/Case-Shiller


Quarterly change in house prices, inflation-adjusted

 Q1Q2Q3Q4
2023-0.29
20221.25-0.18-0.830.01
20211.882.622.852.5
20201.021.143.793.99
2019-0.070.61.151.85
20180.60.240.91.75
20170.241.150.881.64
20160.60.271.391.62
20150.640.261.482.13
2014-0.280.21.023.09
201311.611.11.37
2012-0.941.470.452.23
2011-4.43-0.72-0.010.76
2010-1.28-1.06-1.88-1.24
2009-1.42-2.1-0.71-0.44
2008-3.94-5.17-2.791.08
2007-0.98-2.28-1.37-2.76
2006-0.31-1.090.190.99
20050.871.970.452.85
20040.461.592.212.35
2003-0.241.921.472.71
20020.611.231.282.07
20010.590.51.392.49
20000.091.080.771.59
19990.760.820.431.28
19980.850.990.961.34
1997-0.090.410.191.12
1996-0.54-0.1-0.10.17
1995-0.45-0.020.490.47
1994-0.160.26-0.520.26
1993-1.020.620.30.52
1992-0.09-0.930.380.06
1991-0.7-0.770.74

This table shows the change in house prices during a single quarter, adjusted for inflation.

Adjusting house price rises (or declines) for inflation produces a more accurate picture of the change in value of housing than the usual nominal figures cited in the newspapers.