Case-Shiller U.S. National Home Price NSA Index
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index measures the change in the value of the U.S. residential housing market by tracking the purchase prices of single-family homes. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index measures the change in the value of the U.S. residential housing market by tracking the purchase prices of single-family homes. The S&P CoreLogic Case-Shiller National Home Price Index has two offshoots, published separately, that focus on home prices in major U.S. cities. The national home price index covers nine major census divisions. The S&P CoreLogic Case-Shiller National Home Price Index measures the changes in the sale prices of single-family homes across the U.S. This means that the S&P CoreLogic Case-Shiller National Home Price Index, one of the most well-renowned measures of house valuations in the U.S., is closely monitored by economists and investors.
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What Is the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index?
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index measures the change in the value of the U.S. residential housing market by tracking the purchase prices of single-family homes. The index is compiled and published monthly.
The national index is widely viewed as a barometer of the U.S. housing market and the broader economy. In media reports, it is often called simply the Case-Shiller Home Price Index.
The national index is one of three related Case-Shiller indices. The others are composite indices of housing prices in 10 cities and 20 cities.
Understanding the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index
The Case-Shiller Index was developed in the 1980s by three economists: Allan Weiss, Karl Case, and Robert Shiller. Since then, it has gone on to become a widely used and respected barometer of the U.S. housing market and the broader economy.
The housing market and the overall economy are interlocked in many ways. When real estate prices go up, homeowners often feel more secure and loosen their purse strings. Developers grow confident and show it by investing more in building new houses. This overall activity boosts gross domestic product (GDP).
Most American houses are owner-occupied, so looking at housing price indexes can provide a good idea of how much money is circulating in the economy. This means that the S&P CoreLogic Case-Shiller National Home Price Index, one of the most well-renowned measures of house valuations in the U.S., is closely monitored by economists and investors.
What the Index Tells You
The S&P CoreLogic Case-Shiller Indices do not cover everything. The big exceptions include newly constructed houses, condominiums, and co-ops.
There is a two-month time lag in the data reported, so a report issued in May, for example, would cover home sales through March.
All prices are compared to their prices one year before. Beyond these headline numbers, those who are interested can see the numbers in comparison to one month ago, three months ago, and year-to-date. Annualized changes over three years, five years, and 10 years also are published by S&P Global.
The Case-Shiller indices are perhaps the best-known trackers of residential property prices. However, there are several alternatives that investors can use to track real estate valuation fluctuations.
They include the Federal Housing Finance Agency's (FHFA) Housing Price Index (HPI), First American CoreLogic's LoanPerformance Home Price Index, and the IAS360 House Price Index. Each index differs in terms of the criteria it uses.
According to Trading Economics, the Case Shiller Home Price Index averaged 169.87 points from 2000 until 2021. It reached an all-time high of 257.10 points in April 2021 and a record low of 100 points in January 2000.
The 3 S&P CoreLogic Case-Shiller National Home Price Indices
The S&P CoreLogic Case-Shiller National Home Price Index has two offshoots, published separately, that focus on home prices in major U.S. cities.
S&P CoreLogic Case-Shiller National Home Price Index Methodology
According to S&P CoreLogic, the indices are compiled using the following methodology:
Related terms:
Arm's Length Transaction
In an arm's length transaction, the buyer and seller act independently and have no relationship to each other. read more
Barometer
Barometers are data points that represent trends in the market or the general economy. read more
Composite Index
A composite index is a statistical tool that groups together many different equities or securities. Composite indexes are intended to provide a relative measure of the performance of the market or a specific market sector over time. read more
Depression
An economic depression is a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth. read more
What Is an Economist?
An economist is an expert who studies the relationship between a society's resources and its production or output, using a number of indicators to predict future trends. read more
Economy
An economy is the large set of interrelated economic production and consumption activities that determines how scarce resources are allocated. read more
Existing Home Sales
Existing home sales reports U.S. data on the sale of existing single-family dwellings, co-ops, and condominiums. read more
Federal Housing Finance Agency (FHFA)
The Federal Housing Finance Agency (FHFA) is a U.S. government agency that regulates the secondary mortgage market. read more
Gross Domestic Product (GDP)
Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. read more
House Price Index (HPI)
The house price index (HPI) is a broad measure of the movement of single-family house prices in the United States. read more