Case-Shiller Home Price Trends in 20 Cities

The Case-Shiller Home Price Index is the most accurate way to look at home price appreciation in a city, between cities and nationally.

The price of homes in a city in January 2000 is given the Case-Shiller Home Price Index value of 100. A Case-Shiller Home Price Index value of 200, for example, would mean (nominal) home prices have doubled in that city since January 2000.

Using an index of home prices instead of dollar home prices makes it easier to compare home price appreciation between cities.


  1. Select the cities you want. Click “Apply.”
  2. See prices back to the late 1980s (for most cities) by adjusting the slider below the chart.

Case-Shiller Home Price Index

Bubble View version (baseline 1995 instead of 2000)

Inflation-Adjusted Case-Shiller Home Price Index

Note: I applied the Consumer Price Index for All Urban Consumers (CPI-U) to the Case-Shiller Home Price Index to calculate this Inflation-Adjusted Case-Shiller Home Price Index.
Inflation-Adjusted Bubble View version (baseline 1995 instead of 2000)

Both of these graphs I created are “forks” of a graph created by Seattle Bubble.

The Problem with Case-Shiller

The Case-Shiller Index is a more accurate measure of home price appreciation than either average or median home price because the Case-Shiller Index looks at changes in the sales prices of individual homes over time.

However, the Case-Shiller Index has one big problem – it’s slow.

We won’t get the January numbers, for example, until the end of March and then the January numbers are really the November-January numbers because Case-Shiller uses a 3-month moving average. So what Case-Shiller calls “January” numbers should really be called “December” numbers because they represent November-January sales.

On the other hand, we usually get the average and median home price data soon after the end of a month. That data, however, jumps around a lot from month to month which makes it hard to see changes in price trends.

In addition, average and median home prices are more affected by the mix of homes sold. When, for example, more luxury homes are sold for any reason (say, a strong stock market), the average and median home prices will increase even if the underlying home values hadn’t changed a cent.

The S&P/Case-Shiller index, however, is value-weighted, so more expensive homes have a greater influence on estimated price changes.

Despite running 3 months behind, the Case-Shiller Home Price Index remains the most accurate measure of home price appreciation.

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