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In December, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 3.9% annual gain, up from 3.7% in November. The 10-City Composite saw an annual increase of 5.1% in December, up from 5.0% the previous month, while the 20-City Composite rose 4.5% year-over-year, up from 4.3%. Among the 20 cities, New York again posted the highest annual gain at 7.2%, followed by Chicago at 6.6% and Boston at 6.3%. Tampa again exhibited the lowest annual return, with prices falling 1.1%.

On a month-over-month basis, both the U.S. National Index and 20-City Composite dropped 0.1% before seasonal adjustment, and the 10-City Composite fell 0.04% pre-adjustment. Meanwhile, all three indexes increased 0.5% after adjustment. Since the beginning of the pandemic in 2020, housing prices have risen 8.8% annually, led by markets in Florida, North Carolina, Southern California and Arizona. The National Index continues to trend above inflation but below the home appreciation peak of 18.9% in 2021.

Although the National Index is at a 19th consecutive all-time high, home prices stalled during the second half of 2024. The fastest pricing drop occurred in the West, with San Francisco falling 4.5% and Seattle declining 3.0%. Prices in San Diego and Tampa, previous strongholds, dropped 2.9% and 2.7%, respectively. The Northeast continues to lead with above-trend growth, led by New York for the eighth consecutive month. Meanwhile, Boston reached an all-time high, the only market to do so in December 2024.