Case-Shiller home price index explained
From one sale to the next, the S&P Cotality Case-Shiller index of home prices tracks how prices for the same homes change; its base value of 100 was set in January 2000. Each month, S&P Dow Jones Indices releases the figures, and the most recent month available on FRED is August 2026.
- Publisher
- S&P DJIPublished by S&P Dow Jones Indices.
- Base
- 100January 2000 = 100
- Metropolitan areas
- 20 metro areas, plus 10-city and 20-city composites.
What the Case-Shiller house price index measures
The Case-Shiller index is a repeat-sales index. It matches two sales of one house and tracks how the price moved between them, so a month with many expensive sales does not raise the index on its own. FRED's notes refer to these as "home price sales pairs". FHFA calls its own index a modified form of the Case-Shiller method.
This index gives a number rather than a price in dollars. When the index reads 300, prices in that market are three times the January 2000 level. Several series exist: a 10-city composite, plus a 20-city composite, a national index, and an index for each of 20 metro areas. Each one comes in two versions, seasonally adjusted and unadjusted.
Each release lands on a Tuesday late in the month, and the index runs about two months behind: the 27 October 2026 release carried August data.
Case-Shiller compared with FHFA HPI and Zillow ZHVI
All three track US home prices, though each answers a different question. Repeat sales are what the FHFA house price index (HPI) and Case-Shiller both track for price change; the Zillow Home Value Index (ZHVI) instead puts a dollar value on a typical home.
| Index | Zillow ZHVI | FHFA HPI | Case-Shiller |
|---|---|---|---|
| Publisher | Zillow Research | Federal Housing Finance Agency (FHFA) | Published by S&P Dow Jones Indices. (S&P Cotality Case-Shiller) |
| What it measures | What a typical home is worth in dollars, based on homes in the middle third of home values | Price change for the same single-family homes across sales and refinances | Price change for the same homes across two sales |
| Method | Typical value | Weighted repeat sales | Repeat sales (sales pairs) |
| Unit | Dollars | Index number | Index, January 2000 = 100 |
| Homes in it | Single-family homes and condos | Single-family homes that carry a Freddie Mac or Fannie Mae mortgage | Homes that sold at least twice (sales pairs) |
| How often | Monthly | Monthly, with state and metro data each quarter | Monthly, about two months behind |
| Places | 292 cities, plus metros. Every state and the US appear on this site. | The US, census divisions, states, and metros (states and the US are on this site) | National index for the US, composites for 10 cities and 20 cities, and 20 metros |
| Goes back to | 2000 on this site | 1975 | Not held here; on FRED |
| Latest month | September 2026 (this site) | Q2 2026 (this site) | August 2026, posted on FRED. |
Read more about the remaining two indexes: the Zillow home value index (ZHVI) and the FHFA house price index. See the three indexes side by side, plus the NAHB builder survey: index comparison.
Case-Shiller's 20 cities
The Case-Shiller metro set covers these 20 metro areas. Because S&P licenses its index values, they do not appear here. Beside each metro you will find Zillow's typical home value for that same metro in September 2026, drawn from this site's data, plus a link to the city page.
| Case-Shiller metro | City page | Zillow typical value, metro | 12-month change |
|---|---|---|---|
| Atlanta | Atlanta housing market | $375,898 | −1.5% |
| Boston | Boston housing market | $725,639 | +2.1% |
| Charlotte | Charlotte housing market | $381,392 | −0.8% |
| Chicago | Chicago housing market | $355,650 | +5.0% |
| Cleveland | Cleveland, Ohio housing market | $250,001 | +3.9% |
| Dallas | Dallas housing market | $358,242 | −2.0% |
| Denver | Denver housing market | $555,487 | −1.8% |
| Detroit | Detroit housing market | $264,316 | +1.8% |
| Las Vegas | Las Vegas housing market | $422,654 | −2.6% |
| Los Angeles | Los Angeles housing market | $950,020 | +1.3% |
| Miami | Miami housing market | $476,815 | +0.3% |
| Minneapolis | Minneapolis housing market | $387,807 | +1.7% |
| New York | New York City housing market | $730,949 | +4.9% |
| Phoenix | Phoenix housing market | $441,097 | −1.1% |
| Portland | Portland, Oregon housing market | $539,403 | −0.2% |
| San Diego | San Diego housing market | $926,961 | +0.8% |
| San Francisco | San Francisco housing market | $1,120,379 | +3.1% |
| Seattle | Seattle housing market | $720,147 | −1.6% |
| Tampa | Tampa housing market | $356,843 | −0.9% |
| Washington | Washington, DC housing market | $569,857 | +0.2% |
For the metro list, see the FRED, S&P Cotality Case-Shiller release table. Values come from the Zillow Home Value Index at metro level for September 2026. Zillow Research data
Where to find the Case-Shiller HPI
Every Case-Shiller series comes with charts and downloads from FRED, the data service run by the Federal Reserve Bank of St. Louis. The two used most:
- Monthly, not seasonally adjusted: the S&P Cotality Case-Shiller U.S. National Home Price Index on FRED.
- S&P Cotality Case-Shiller 20-City Composite on FRED, monthly and seasonally adjusted
For a single city shown in dollars, the city pages here rely on the ZHVI: home prices by city. Use the home appreciation calculator to convert a purchase price to today's money. The making of every number on this site: methodology.