SPY & Case-Shiller Home Price Index
The S&P CoreLogic Case-Shiller U.S. National Home Price Index, tracking changes in the value of residential real estate nationally.
SPY Price
Case-Shiller Home Price Index
Year-over-Year Change
What It Measures
The Case-Shiller Home Price Index measures changes in the price of single-family homes across the United States using a repeat-sales methodology. This means it tracks price changes for the same properties over time, providing a more accurate picture of true home price appreciation. The national index is a composite of home prices across all nine U.S. census divisions. The methodology: - Uses pairs of sales for the same property - Weights more recent sales more heavily - Adjusts for home improvements - Excludes foreclosures, short sales, and non-arm's length transactions The index is set to 100 in January 2000, so a reading of 300 means home prices have tripled since then.
Why It Matters
**Gold Standard for Housing**: Case-Shiller is considered the most reliable measure of U.S. home price trends due to its repeat-sales methodology. **Household Wealth**: Home equity is the largest component of wealth for most American households. Rising prices increase consumer confidence and spending. **Economic Leading Indicator**: Housing prices often lead broader economic cycles. The 2006 peak in Case-Shiller preceded the 2008 financial crisis. **Inflation Component**: Housing costs (through owners' equivalent rent) are a major component of CPI inflation. **Policy Impact**: The Fed monitors housing prices for signs of financial bubbles and wealth effects on consumer spending.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-02-13)
Case-Shiller: CSUSHPINSA - Case-Shiller Home Price Index from S&P Dow Jones Indices LLC
Units: Index (Jan 2000 = 100), Not Seasonally Adjusted, Monthly