Though there are significant variances in the degree of change, the broad trends up and down in home prices are typically similar across metro areas.
Home Price Appreciation Trends since 2000 Per the S&P CoreLogic Case-Shiller Home Price Index*
S&P CoreLogic Case-Shiller uses a proprietary algorithm to calculate appreciation based on a January 2000 value of 100: A reading of 400 signifies 300% home price appreciation since Jan. 2000.
2022 market peak ▼
U.S. & Selected Metro Areas
Miami San Diego Seattle San Francisco Phoenix United States New York
400
350
Metro areas usually cover much larger regions than the cities they are named for.
300
2006-07
250
200
Foreclosure crisis
Subprime bubble
Pandemic hits ▲
150
Updated through January 2023, as published on 3/28/23
▲ Market recovery begins
100
*Seasonally adjusted, house price appreciation calculated by the S&P CoreLogic Case- Shiller Index. Based on a January 2000 value of 100. Published with a 2-month lag, reflecting a 3-month moving average: https://www.spglobal.com/spdji/en/index- family/indicators/sp-corelogic-case-shiller/sp-corelogic-case-shiller-metro-area/#indices
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