The trend over time.
What Home Price Growth YoY measures.
The year-over-year percentage change in the S&P Case-Shiller U.S. National Home Price Index. It tracks repeat sales of the same homes, so it measures price change for a constant set of properties.
Case-Shiller is a three-month moving average that is published with a lag of about two months, so it trails the market. A reading near zero means prices are flat from a year ago; a negative reading means they are lower.
Why it matters.
Slower home price growth affects your purchasing power if you're buying soon and suggests less equity buildup if you already own. It also signals cooling housing demand, which can influence mortgage rates and the broader economy's health.