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

March, 17, 2023

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
20221.960.5-1.19-0.03
20212.362.23.082.45
20201.441.172.654.32
20190.801.071.5
20180.950.170.991.21
20170.491.181.151.13
20161.180.261.171.34
20151.920.060.971.9
20140.44-0.280.982.13
20131.461.461.21.27
2012-0.370.751.021.47
2011-3.42-2.55-0.10.36
2010-1.32-0.95-1.75-1.29
2009-0.1-2.44-1.15-0.26
2008-3.41-4.88-3.65-0.1
2007-0.41-2.14-1.55-2.51
20060.94-0.98-0.41.33
20051.841.291.41.59
20041.311.072.211.87
20030.751.241.472.24
20021.30.741.481.68
20010.880.581.391.85
20000.770.610.771.19
19991.070.520.90.88
19980.980.850.911.28
1997-0.030.420.320.69
1996-0.04-0.320.09-0.14
1995-0.23-0.280.490.09
19940.270.18-0.280.04
1993-0.80.220.370.25
19920.48-0.950.050.09
1991-0.59-0.60.13

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.