Real Home Prices (Inflation-Adjusted Case-Shiller)
Real home prices are the S&P CoreLogic Case-Shiller national home price index divided by the Consumer Price Index — i.e. nominal home prices stripped of general inflation, rebased to 100 in January 2000. Where the nominal index always drifts up with the dollar, the real index answers the harder question: are homes getting more expensive faster than everything else? It is the modern, monthly version of the famous long-run Shiller housing chart, covering the 1987-onward Case-Shiller era.
Latest reading
As of March 2026, Real Home Prices (Real home price index (Jan 2000=100)) stands at 168.7 — down from 169.2 the prior reading. The level is a valuation read, not a price tag: above its long-run average means housing is expensive relative to the broader cost of living. The two clear peaks are the 2006 housing bubble and the 2022 post-pandemic surge — the highest real level on record — and the deep trough is the 2007-2012 crash. Because it is inflation-adjusted, a flat real line during high inflation means nominal prices are merely keeping pace with the dollar, not actually appreciating. As with nominal Case-Shiller, expect a two-month reporting lag and seasonal noise in the NSA data, so read the trend, not a single print. "Bubble" here is descriptive of past extremes, not a forecast. Series history runs from 1987 to present.
Real home price index (Jan 2000=100)
- Real YoY
- -1.9%
- Vs full history
- 168.791st pctile
Next release: Jun 30, 2026
Full history
Methodology & data
Real Home Prices is sourced from S&P CoreLogic / BLS via the Federal Reserve's FRED service (S&P CoreLogic Case-Shiller national index (CSUSHPINSA) deflated by CPI-U (CPIAUCNS), rebased to Jan 2000 = 100; both via FRED, monthly, not seasonally adjusted). We pull the complete history, chart it on a monthly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date, last updated 2026-06-27. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Real Home Prices (Inflation-Adjusted Case-Shiller)?
Real home prices are the S&P CoreLogic Case-Shiller national home price index divided by the Consumer Price Index — i.e. nominal home prices stripped of general inflation, rebased to 100 in January 2000. Where the nominal index always drifts up with the dollar, the real index answers the harder question: are homes getting more expensive faster than everything else? It is the modern, monthly version of the famous long-run Shiller housing chart, covering the 1987-onward Case-Shiller era.
How do you read Real Home Prices?
The level is a valuation read, not a price tag: above its long-run average means housing is expensive relative to the broader cost of living. The two clear peaks are the 2006 housing bubble and the 2022 post-pandemic surge — the highest real level on record — and the deep trough is the 2007-2012 crash. Because it is inflation-adjusted, a flat real line during high inflation means nominal prices are merely keeping pace with the dollar, not actually appreciating. As with nominal Case-Shiller, expect a two-month reporting lag and seasonal noise in the NSA data, so read the trend, not a single print. "Bubble" here is descriptive of past extremes, not a forecast.
Where does the Real Home Prices data come from?
S&P CoreLogic Case-Shiller national index (CSUSHPINSA) deflated by CPI-U (CPIAUCNS), rebased to Jan 2000 = 100; both via FRED, monthly, not seasonally adjusted. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/real-home-prices.csv.
How often is Real Home Prices updated?
Real Home Prices is a monthly series from S&P CoreLogic / BLS, refreshed here as soon as a new release posts to FRED.