US Home Prices by Year: Case-Shiller Index 1987–2026
The Case-Shiller national home price index is the most closely followed measure of US house prices. It tracks repeat sales of the same single-family properties, which makes it a cleaner gauge than median sale price, because the mix of homes sold cannot distort it. This page converts the monthly index into an annual growth series running from 1987 to 2026.
Annual home price growth peaked at 17.1% in 2021 and bottomed at -9.5% in 2009. In 2026 the average is 1.4%, and the latest month shows 2.1% year over year with the index at 336.7 against a January 2000 base of 100. 8 of the 39 years in the record have been weaker, the most recent in 2012.
US home price growth by year, Case-Shiller national index, 1987–2026
| Year | Annual average | Change |
|---|---|---|
| 2026 (YTD) | 1.4% | −0.8 pp |
| 2025 | 2.2% | −2.9 pp |
| 2024 | 5.1% | +2.6 pp |
| 2023 | 2.5% | −12.3 pp |
| 2022 | 14.8% | −2.3 pp |
| 2021 | 17.1% | +11.0 pp |
| 2020 | 6.0% | +2.6 pp |
| 2019 | 3.4% | −2.3 pp |
| 2018 | 5.8% | +0.0 pp |
| 2017 | 5.8% | +0.7 pp |
| 2016 | 5.1% | +0.5 pp |
| 2015 | 4.5% | −2.0 pp |
| 2014 | 6.6% | −3.0 pp |
| 2013 | 9.6% | +8.3 pp |
| 2012 | 1.3% | +5.0 pp |
| 2011 | -3.8% | −1.1 pp |
| 2010 | -2.6% | +6.8 pp |
| 2009 | -9.5% | −0.6 pp |
| 2008 | -8.8% | −6.9 pp |
| 2007 | -1.9% | −8.7 pp |
| 2006 | 6.8% | −7.4 pp |
| 2005 | 14.2% | +1.7 pp |
| 2004 | 12.5% | +3.1 pp |
| 2003 | 9.4% | +1.3 pp |
| 2002 | 8.0% | +0.0 pp |
| 2001 | 8.0% | −0.7 pp |
| 2000 | 8.7% | +1.8 pp |
| 1999 | 7.0% | +1.4 pp |
| 1998 | 5.6% | +2.6 pp |
| 1997 | 3.0% | +0.8 pp |
| 1996 | 2.2% | +0.3 pp |
| 1995 | 1.9% | −0.7 pp |
| 1994 | 2.7% | +1.2 pp |
| 1993 | 1.4% | +0.9 pp |
| 1992 | 0.5% | +1.9 pp |
| 1991 | -1.3% | −3.2 pp |
| 1990 | 1.9% | −4.2 pp |
| 1989 | 6.1% | −1.2 pp |
| 1988 | 7.4% | — |
Reading the housing cycle
Three cycles, one direction. The index rose through the late 1990s, peaked in 2006 and fell roughly a third into 2009. The recovery took until 2016 to regain the nominal peak, then accelerated through 2021–2022 at a pace unmatched in the series. Nominal house prices in the US have never had a long down-cycle outside 2006–2009, which is why the housing bear case has repeatedly failed on timing rather than on logic.
Mortgage rates and prices decoupled. The textbook relationship says higher financing costs should compress prices. That held in 2022 for a few months and then broke down, because the same rate shock that killed affordability also froze supply: homeowners with sub-4% mortgages stopped selling. Scarcity did more to support prices than affordability did to suppress them.
Why this matters for inflation. Shelter is roughly a third of CPI, and it enters the index with a lag of nine to twelve months. A turn in this series is the single most reliable leading indicator for the direction of core services inflation, which is why the Federal Reserve watches it as closely as it watches payrolls.
Frequently asked questions
Are US home prices falling?
The latest year-over-year change in the Case-Shiller national index is 2.1% for August 2026, against a 2026 annual average of 1.4%.
When did US home prices peak?
On an annual average basis the fastest growth was 17.1% in 2021. The index level peaked in 2006 before the financial crisis and again in 2022 on the current cycle.
What is the Case-Shiller index base?
The national index is set to 100 in January 2000. A reading of 300 means prices are three times their January 2000 level.
Source and method
All figures on this page are computed at build time from the S&P CoreLogic Case-Shiller US National Home Price Index series (FRED identifier CSUSHPINSA) published by the S&P Dow Jones Indices and distributed by the Federal Reserve Bank of St. Louis. Annual figures are averages of the underlying observations; growth and inflation rates are year-over-year changes of those annual averages. Where a year is incomplete the figure is labelled YTD.
Data retrieved 2026-10-31. Raw series: FRED — S&P CoreLogic Case-Shiller US National Home Price Index. Chart and table code licensed CC BY 4.0 — reuse freely with attribution to CapitalWire.
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APA
CapitalWire. (2026). US Home Prices by Year: Case-Shiller Index 1987–2026. Retrieved 2026-10-31, from https://infornkn.com/data/us-home-price-index/BibTeX
@misc{capitalwireus_home_price_index,
title = {US Home Prices by Year: Case-Shiller Index 1987–2026},
author = {{CapitalWire}},
year = {2026},
note = {Data: S&P Dow Jones Indices via FRED, series CSUSHPINSA},
url = {https://infornkn.com/data/us-home-price-index/}
}HTML link
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