January Case-Shiller US Home Price Index Declines, Up After Seasonal Adjustment

09:00 AM EDT, 03/31/2026 (MT Newswires) -- The Case-Shiller National Home Price index fell by 0.1% in January before seasonal adjustment following a 0.3% decrease in December.

National home prices were up 0.9% year-over-year, down from 1.1% in December.

The 10-city index was roughly unchanged in the month, while the 20-city index was down 0.1%.

National home prices were up 0.2% month-over-month in January after seasonal adjustment, with the 10-city measure and the 20-city measure both up 0.2%. A survey compiled by Bloomberg as of 7:40 am ET expected the 20-city index to increase by 0.4%.

"Monthly price changes were slightly negative before seasonal adjustment and modestly positive after -- consistent with a market that is neither recovering nor correcting sharply," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "With 30-year mortgage rates still near 6%, affordability constraints show no sign of easing. Nominal prices are barely rising; in real terms, they are edging lower."

The monthly home price index report from S&P CoreLogic Case-Shiller measures single-family home prices across the US with a two-month lag, broken down by city, with combined measures of the 10 and 20 largest cities and a national index. Case-Shiller reports percentage gains both from the previous month and a year earlier.

Higher home prices are inflationary and are usually negative for bonds. The possible outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.

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