S&P/Case-Shiller Home Price YoY

The S&P CoreLogic Case-Shiller Home Price YoY tracks prices of existing single-family homes across the nation. It covers matched repeat sales of the same houses to hold size and quality steady. New builds, condominiums, multi-family homes, and quick resales stay outside the sample by design. The publisher is S&P Dow Jones Indices with data and calculation support from CoreLogic.

The national index combines 9 division indices by housing stock value and carries a base value of 100. Companion releases cover metro area indices plus 10 and 20 composites with price-tier and seasonally adjusted versions. There is no target level or speed limit, so positive change means appreciation and negative change means depreciation. The family is known as a leading gauge of home price trends for typical houses.

Each point reflects repeat sales pairs from a rolling window of 3 months to keep samples large and offset recording delays. Releases arrive each month with a publication delay, so transactions occurred well before the announcement. If a holiday disrupts the schedule, publication shifts to the next business day at the same hour. If required source data are missing, the publisher may delay or skip publication for that cycle.

Index points may be revised for prior 24 months as late deeds arrive, while older history stays stable except for seasonal factor updates. Markets read the change over 12 months for trend and the seasonally adjusted monthly move for momentum. Higher positive values signal broad appreciation, while negative values signal broad depreciation across markets.

The national move reflects value-weighted repeat-sales levels across all nine divisions, so larger housing stocks shape the total more. Each division captures price change for existing single-family stock through matched pairs from deed records.

• Northeast divisions: Middle Atlantic and New England capture repeat-sales levels for older dense stock in the northeast.
• South divisions: South Atlantic, East South Central, and West South Central capture repeat-sales levels across southern stock.
• Midwest divisions: East North Central and West North Central capture repeat-sales levels for midwestern single-family stock.
• West divisions: Mountain and Pacific capture repeat-sales levels in the west, with Pacific holding the largest stock weight.

• Collect deeds: Gather address, sale date, price, and property type for independent single-family sales from local recording offices.
• Pair repeat sales: Match each sale to a prior sale of the same house to track steady quality price change.
• Exclude non-market pairs: Drop family transfers, repossessions, new builds, type changes, errors, and second sales within 6 months.
• Build rolling window: Use pairs from a rolling window of 3 months to keep samples large and smooth recording gaps.
• Weight by value and quality: Weight each pair by first sale price, give less weight to long gaps and extreme moves from remodels or errors.
• Aggregate and adjust: Combine division indices by stock value through a divisor and adjust for seasons with Census software. Then divide by the index 12 months earlier, subtract one, and multiply by 100. New points build only on prior points, so revisions stay contained.