Home prices increased 3.9% in December 2024 compared to the same month a year ago, up from a 3.7% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 5.1% year over year compared to a 5% increase the previous month. The 20-city composite increased 4.5% year over year, up from a 4.3% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.2% increase in December, followed by Chicago and Boston, with increases of 6.6% and 6.3%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.4% in December compared to the previous month. Home prices 4.5% between the fourth quarter of 2023 and the fourth quarter of 2024. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
