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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%-0.83%0.01%
20211.88%2.62%2.85%2.5%
20201.02%1.14%3.79%3.99%
2019-0.07%0.6%1.15%1.85%
20180.6%0.24%0.9%1.75%
20170.24%1.15%0.88%1.64%
20160.6%0.27%1.39%1.62%
20150.64%0.26%1.48%2.13%
2014-0.28%0.2%1.02%3.09%
20131%1.61%1.1%1.37%
2012-0.94%1.47%0.45%2.23%
2011-4.43%-0.72%-0.01%0.76%
2010-1.28%-1.06%-1.88%-1.24%
2009-1.42%-2.1%-0.71%-0.44%
2008-3.94%-5.17%-2.79%1.08%
2007-0.98%-2.28%-1.37%-2.76%
2006-0.31%-1.09%0.19%0.99%
20050.87%1.97%0.45%2.85%
20040.46%1.59%2.21%2.35%
2003-0.24%1.92%1.47%2.71%
20020.61%1.23%1.28%2.07%
20010.59%0.5%1.39%2.49%
20000.09%1.08%0.77%1.59%
19990.76%0.82%0.43%1.28%
19980.85%0.99%0.96%1.34%
1997-0.09%0.41%0.19%1.12%
1996-0.54%-0.1%-0.1%0.17%
1995-0.45%-0.02%0.49%0.47%
1994-0.16%0.26%-0.52%0.26%
1993-1.02%0.62%0.3%0.52%
1992-0.09%-0.93%0.38%0.06%
1991-0.7%-0.77%0.74%

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.