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

	Q1	Q2	Q3	Q4
2023	-0.29
2022	1.25	-0.18	-0.83	0.01
2021	1.88	2.62	2.85	2.5
2020	1.02	1.14	3.79	3.99
2019	-0.07	0.6	1.15	1.85
2018	0.6	0.24	0.9	1.75
2017	0.24	1.15	0.88	1.64
2016	0.6	0.27	1.39	1.62
2015	0.64	0.26	1.48	2.13
2014	-0.28	0.2	1.02	3.09
2013	1	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
2005	0.87	1.97	0.45	2.85
2004	0.46	1.59	2.21	2.35
2003	-0.24	1.92	1.47	2.71
2002	0.61	1.23	1.28	2.07
2001	0.59	0.5	1.39	2.49
2000	0.09	1.08	0.77	1.59
1999	0.76	0.82	0.43	1.28
1998	0.85	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.

---