U.S. home prices rise 3.9% in December 2024, led by New York at 7.2%
U.S. home prices increased by 3.9% in December 2024 compared to the previous year, according to the S&P CoreLogic Case-Shiller Index. This marks a slight rise from November’s 3.7% annual gain. The 10-City Composite Index grew by 5.1%, while the 20-City Composite rose 4.5%. Among major cities, New York recorded the highest annual gain at 7.2%, followed by Chicago at 6.6% and Boston at 6.3%. Tampa had the lowest performance, with prices declining by 1.1% in the same period, according to S&P Dow Jones Indices.
The monthly trend showed a minor decline in home prices before seasonal adjustments. The U.S. National Index and 20-City Composite both dropped 0.1% from November to December, while the 10-City Composite fell by 0.04%. After adjusting for seasonal factors, all three indices posted a 0.5% increase month over month.
Since 2020, national home prices have increased by an average of 8.8% per year, with Florida, North Carolina, Southern California, and Arizona experiencing the most significant growth. Despite slowing price appreciation compared to the peak increase of 18.9% in 2021, the U.S. housing market continued its upward trend in December, setting a 19th consecutive all-time high after seasonal adjustments.
