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S&P CORELOGIC CASE-SHILLER INDEX RECORDS 4.1% ANNUAL GAIN IN JANUARY 2025

1. S&P CoreLogic Case-Shiller Index shows a 4.1% annual gain in January 2025. 2. New York, Chicago, and Boston led annual gains with 7.7%, 7.5%, and 6.5%, respectively. 3. High mortgage rates and affordability constraints affected buyer demand in the second half. 4. Only four metro areas saw price increases in the second half; the rest cooled. 5. Long-term homeowners have built equity; real estate remains a key long-duration asset.

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FAQ

Why Bullish?

The sustained growth in home prices could enhance SPGI's market position. Historically, similar price trends have correlated with increased revenue for SPGI from data services related to real estate.

How important is it?

The CoreLogic indices are critical for real estate market assessments. SPGI’s business model relies on providing accurate market data, which is bolstered by these trends.

Why Long Term?

While current data shows cooling in certain markets, long-term home appreciation supports SPGI's valuation. Previous trends show that sustained home price growth leads to long-term asset value increases.

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, /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the January 2025 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 4.1% annual gain in January 2025, a slight increase from the previous reading in December 2024. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/. YEAR-OVER-YEAR The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.1% annual return for January, up from a 4% annual gain in the previous month. The 10-City Composite saw an annual increase of 5.3%, up from a 5.2% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.7%, up from a 4.5% increase in the previous month. New York again reported the highest annual gain among the 20 cities with a 7.7% increase in January, followed by Chicago and Boston with annual increases of 7.5% and 6.6%, respectively. Tampa posted the lowest return, falling 1.5%. MONTH-OVER-MONTH The pre-seasonally adjusted U.S. National and 20-City Composite Indices presented slight upward trends in January, with both posting 0.1% increases. The 10-City Composite posted a monthly return of 0.2%. After seasonal adjustment, the 20-City and 10-City Composite Indices posted month-over-month increases of 0.5%. The U.S National posted a month-over-month increase of 0.6% ANALYSIS "Home price growth continued to moderate in January, reflecting a clear two-part story across the past year," says Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "The National Composite Index posted a 4.1% annual gain, with the bulk of appreciation—4.8%—occurring in the first half of the year. Prices declined 0.7% in the second half, as high mortgage rates and affordability constraints weighed on buyer demand and market activity. "Among the 20 metro areas tracked by the Composite 20, New York City led annual gains with a 7.7% rise, followed closely by Chicago (7.5%) and Boston (6.5%). Tampa was the only market to post a year-over-year decline, falling 1.5%. However, the second half of the year told a different story: San Francisco posted the largest six-month decline at 3.4%, followed by Tampa at 3.2%. Only four of the 20 cities managed to eke out price increases during this period—New York, Chicago, Phoenix, and Boston—highlighting broad-based cooling. "Rising mortgage rates throughout the year elevated monthly payment burdens, which, combined with already high home prices, pushed affordability to multi-decade lows in many regions. This likely contributed to subdued activity in the back half of the year, with both buyers and sellers exercising caution. Inventory constraints also remain a challenge, particularly in legacy metro areas, where limited new construction continues to restrict supply. "The strength in markets like New York and Chicago may reflect more normalized valuations relative to frothier regions, along with continued urban recovery trends post-pandemic. On the other hand, Sunbelt markets that experienced sharp run-ups earlier in the cycle—like Tampa and Phoenix—have seen the most pronounced slowdowns. "Despite near-term softness, the S&P CoreLogic Case-Shiller Index remains historically elevated, and long-term homeowners have continued to build equity," Godec concluded. "The current cycle reinforces the value of real estate as a long-duration asset, but also highlights how sensitive home prices are to changes in financing conditions and buyer affordability." SUPPORTING DATA Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs. 2006 Peak 2012 Trough Current Index Level Date Level Date From Peak (%) Level From Trough (%) From Peak (%) National 184.61 Jul-06 133.99 Feb-12 -27.4 % 323.54 141.5 % 75.3 % 20-City 206.52 Jul-06 134.07 Mar-12 -35.1 % 332.56 148.0 % 61.0 % 10-City 226.29 Jun-06 146.45 Mar-12 -35.3 % 351.13 139.8 % 55.2 % Table 2 below summarizes the results for January 2025. The S&P CoreLogic Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data. January 2025 January '25 /December '24 December/November 1-Year Change (%) Metropolitan Area Level Change (%) Change (%) Atlanta 246.12 -0.16 % -0.54 % 2.40 % Boston 339.62 -0.28 % 0.42 % 6.55 % Charlotte 279.40 -0.23 % -0.28 % 3.32 % Chicago 211.23 0.47 % 0.19 % 7.52 % Cleveland 192.87 0.24 % -0.91 % 6.45 % Dallas 293.82 -0.46 % 0.00 % 1.34 % Denver 314.60 -0.12 % 0.08 % 1.87 % Detroit 189.36 0.25 % -0.54 % 5.73 % Las Vegas 300.49 -0.01 % 0.05 % 5.49 % Los Angeles 438.45 0.51 % -0.15 % 3.98 % Miami 442.95 -0.08 % 0.37 % 3.32 % Minneapolis 238.79 -0.22 % -0.57 % 3.57 % New York 318.15 0.09 % -0.04 % 7.75 % Phoenix 330.12 0.15 % -0.07 % 2.74 % Portland 327.55 -0.32 % -0.09 % 2.83 % San Diego 435.83 0.13 % -0.03 % 3.39 % San Francisco 351.09 0.07 % -0.08 % 3.00 % Seattle 385.22 -0.10 % -0.33 % 5.47 % Tampa 375.52 -0.59 % -1.03 % -1.51 % Washington 330.08 0.09 % -0.32 % 5.10 % Composite-10 351.13 0.16 % -0.01 % 5.31 % Composite-20 332.56 0.07 % -0.11 % 4.67 % U.S. National 323.54 0.06 % -0.14 % 4.08 % Sources: S&P Dow Jones Indices and CoreLogic Data through January 2025 Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P CoreLogic Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked. January ´25/December´24 Change (%) December/November Change (%) Metropolitan Area NSA SA NSA SA Atlanta -0.16 % 0.28 % -0.54 % 0.14 % Boston -0.28 % 0.27 % 0.42 % 1.25 % Charlotte -0.23 % 0.36 % -0.28 % 0.43 % Chicago 0.47 % 1.04 % 0.19 % 1.13 % Cleveland 0.24 % 0.79 % -0.91 % 0.18 % Dallas -0.46 % 0.26 % 0.00 % 0.45 % Denver -0.12 % 0.29 % 0.08 % 0.73 % Detroit 0.25 % 0.99 % -0.54 % 0.38 % Las Vegas -0.01 % 0.64 % 0.05 % 0.70 % Los Angeles 0.51 % 0.57 % -0.15 % 0.42 % Miami -0.08 % 0.38 % 0.37 % 0.71 % Minneapolis -0.22 % 0.48 % -0.57 % 0.46 % New York 0.09 % 0.43 % -0.04 % 0.34 % Phoenix 0.15 % 0.72 % -0.07 % 0.88 % Portland -0.32 % 0.36 % -0.09 % 0.47 % San Diego 0.13 % 0.11 % -0.03 % 0.57 % San Francisco 0.07 % 0.50 % -0.08 % 0.62 % Seattle -0.10 % 0.07 % -0.33 % 0.50 % Tampa -0.59 % -0.12 % -1.03 % -0.33 % Washington 0.09 % 0.63 % -0.32 % 0.04 % Composite-10 0.2 % 0.5 % 0.0 % 0.6 % Composite-20 0.1 % 0.5 % -0.1 % 0.5 % U.S. National 0.1 % 0.6 % -0.1 % 0.5 % Sources: S&P Dow Jones Indices and CoreLogic Data through January 2025 For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji. ABOUT S&P DOW JONES INDICES S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji. FOR MORE INFORMATION: April KabaharGlobal Head of CommunicationsNew York, USA(+1) 212 438 7530[email protected] S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in the United States. Readers and viewers can visit the blog at www.indexologyblog.com, where feedback and commentary are welcomed and encouraged. The S&P CoreLogic Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P CoreLogic Case-Shiller U.S. National Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P CoreLogic Case-Shiller 10-City Composite Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market. These indices are generated and published under agreements between S&P Dow Jones Indices and CoreLogic, Inc. The S&P CoreLogic Case-Shiller Indices are produced by CoreLogic, Inc. In addition to the S&P CoreLogic Case-Shiller Indices, CoreLogic also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through CoreLogic. Case-Shiller® and CoreLogic® are trademarks of CoreLogic Case-Shiller, LLC or its affiliates or subsidiaries ("CoreLogic") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by CoreLogic or its predecessors in interest are sponsored, sold, or promoted by CoreLogic, and neither CoreLogic nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products. SOURCE S&P Dow Jones Indices WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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