S&P/Case-Shiller Home Price MoM

The S&P CoreLogic Case-Shiller Home Price MoM tracks monthly price change for existing United States single-family homes. It uses repeat sales that pair 2 sales of the same house to hold size and quality constant. Coverage spans a national index built from 9 regions plus 10-city and 20-city composites that blend 20 metro areas.

New construction stays out until a home sells twice, while condos, co-ops, and multi-family units stay out. The base value stands at 100 so a level of 150 means 50% appreciation since the base period. Publisher S&P Dow Jones Indices issues the family with CoreLogic data under agreement.

It follows a fixed monthly schedule and describes market conditions about 2 months earlier. Each point forms a 3-month moving average of matched pairs, which smooths thin sales. Each release posts index levels with seasonal swings kept and with seasonality removed, plus yearly change, tier tables, peak-trough tables, and commentary.

Headline tradition stresses yearly change without adjustment, while adjusted monthly change reads momentum. Figures for the prior 24 months can be revised as deeds arrive. Press releases appear through publisher channels and major news services.

The national figure blends 20 metro markets by housing value so large markets drive movement.

• U.S. National Home Price Index: the headline United States figure blending 9 regional indices.
• 10-City Composite: value-weighted average of the 10 original metro indices.
• 20-City Composite: value-weighted average of all 20 metro indices.
• New York 21.67% and Los Angeles 15.47%: the 2 largest shares tracking repeat sales in defined metro areas.
• Washington 7.22% and San Francisco 6.79% and Chicago 5.99%: mid-sized shares tracking repeat sales in defined metro areas.
• Remaining 15 metros 42.86% and 3 tiers: other markets sum to 42.86% while each metro splits into 3 price tiers.

Estimation follows repeat-sales logic that holds quality constant by tracking the same house.

• Sales pairs: records gather open-market single-family deals then link each sale to the same house prior sale with 2 linked sales per pair.
• Exclusions: drop family transfers and repossessions plus new-construction sales and land-only deeds plus type changes and errors plus pairs under 6 months apart.
• Triple weights: value weight favors costly homes and robust weight trims odd jumps and interval weight favors short gaps.
• Index build: weighted regression turns paired shifts into an index fixed at 100 at the base period.
• Averaging and adjustment: each point averages 3 months of pairs while adjusted versions remove seasonality through X-13ARIMA-SEATS Census software.
• Month change: compares a month level with the prior month level with seasonality kept and removed.