vs Last Month
+1.8 pts
Continued climb.
Case-Shiller Home Price Index
National HPI · Jan 2000 = 100
325.4
+1.8 pts vs. last month
Past 12 monthsRange 308 – 328
vs Last Year+13.2
5-Yr Avg295
2000 Base100
The national home price index hit a new all-time high of 325.4 — homes are 3.25× their January 2000 level. Up 4.2% year-over-year despite mortgage rates at 6.78%. The lock-in effect keeps supply tight.
Historical trend
Monthly index. 2-month publication lag.
Source: FRED · CSUSHPINSA
The long view: since 1987
Bubble, crash, recovery, boom, current high.
Today 325.4 · ATH2012 Trough 134.12006 Bubble Peak 184.6
How today stacks up
vs Last Year
+13.2
+4.2% YoY despite high rates.
5-Yr Avg
295
Today 30 pts above mean.
vs 2000 Base
3.25×
Inflation over same period: ~1.80×
Use this index
Tools to navigate today's housing market.
About the Case-Shiller Home Price Index
The S&P CoreLogic Case-Shiller National Home Price Index is the academic-grade benchmark for U.S. home prices. It uses a "repeat sales" methodology — tracking the same homes through multiple sales over time — which controls for differences in home size, location, and quality. Indexed to January 2000 = 100, today\'s reading of 325.4 means U.S. home prices are 3.25× their January 2000 level.
Why Case-Shiller is the "real" home price index
Other home price measures (median sale price, average sale price) are distorted by changes in the mix of homes sold — when expensive markets transact more, the average goes up even if no individual home appreciated. Case-Shiller\'s repeat-sales method eliminates this. It\'s what economists, the Fed, and Wall Street use. The data is released monthly with a 2-month lag (today\'s May release covers March data).
Reading this chart
The 2006–07 bubble peaked at 184.6 — then crashed 27% to 134 by 2012. The 2012–22 recovery + boom took the index to 305.5 in June 2022. A brief 2023 dip (to 295) reflected mortgage-rate shock. Since 2024 prices have resumed climbing. Today\'s 325.4 is a new all-time high, up 13.2 points (4.2%) year-over-year despite high mortgage rates. The "lock-in effect" plus limited supply has kept prices climbing even as transaction volume sits well below historical norms.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
Instead of looking at all sales each month (which changes the mix), Case-Shiller looks at the same home selling multiple times and measures how its price changed. This isolates the price appreciation of that specific home from changes in what types of homes are transacting.
Arbitrary starting point. The historical index runs back to 1987 with the base year set at January 2000. A reading of 325 means homes have appreciated 225% (3.25×) since January 2000 in nominal terms.
The "national" index covers the entire country. There's also a 20-city composite, a 10-city composite, and individual indexes for 20 major metros. The national index is the broadest and most often cited.
From January 2000 to today, home prices rose 225% (Case-Shiller). General inflation (CPI) rose ~80%. So home prices have outpaced inflation by ~145 percentage points — real appreciation. The bulk of this happened during the 2003–06 bubble and 2020–22 surge.
Methodology
Source
Pulled from FRED · CSUSHPINSA and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.