Case-Shiller National Home Price Index Shows House Price Growth Finally Slowing

LAS VEGAS, NV – While the prices of houses in the U.S. continue on their upward trajectory – steadfastly fueling concerns regarding affordability for many – the new Case-Shiller U.S. National Home Price NSA Index (graph) released by S&P CoreLogic on November 26 indicates that the degree of home price growth is finally slowing down after a significant streak of month-to-month increases.

The Case-Shiller Index shows that in September 2024, annual home-price growth increased 3.9 percent; this represents a decrease in growth from August 2024 – when that amount was 4.2 percent – as well as the first time in ages when growth numbers actually decreased instead of continuing upward.

Home values in September continued to climb, but also showed some degree of slowdown; Case-Shiller’s 10-city index climbed 5.2 percent – representing a decrease from August’s 6 percent – and the 20-city index was up 4.6 percent, down from 5.2 percent.

The Case-Shiller Index also showed the top five cities in terms of price growth in September, with New York City taking the top spot, and Las Vegas coming in fourth. The top five, and their respective increases, are as follows:

• New York City, New York (7.5 percent)
• Cleveland, Ohio (7.1 percent)
• Chicago, Illinois (6.9 percent)
• Las Vegas, Nevada (6.7 percent)Detroit, Michigan (5.3 percent)
• Washington, D.C. (5.3 percent)

In contrast, the metropolitan area that showed the slowest rate of growth in September was Denver, Colorado, with just 0.2 percent.

Corporate economist for Navy Federal Credit Union, Robert Frick, said that the growth drops in this month’s Case-Shiller Index may represent some good news for the housing market, particularly when it comes to buyers.

Sales prices of existing homes falling is a bit of good news for buyers, and while 2024 will go down as one of the worst years for sales, maybe we’re finally seeing a sustained deceleration in price increases,” he said. “With mortgage rates up recently, the price drop will be lost in overall housing affordability. But together with lower mortgage rates next year, as many are forecasting, a slowdown in price increases could mean markedly improving conditions for buyers in 2025.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.