S&P CoreLogic Case-Shiller Home Price Index

Data Real Estate

Source: S&P Global
Source Link: https://www.spglobal.com/
Frequency: Monthly
Next Release(s): February 24th, 2026 9:00 AM

Latest Updates

The S&P Case-Shiller U.S. National Home Price Index rose +1.4% YoY in November 2025, unchanged from October 2025, remaining near the weakest annual pace since mid-2023.
- The 10-City Composite rose +2.0% YoY (up from +1.9%), while the 20-City Composite increased +1.4% YoY (up from +1.3%), showing slight firming in composite measures despite weak national growth.
- On a non-seasonally adjusted basis, the National Index fell -0.1% MoM, with 15 of 20 major metro areas posting monthly declines, signaling broad short-term softness.
- After seasonal adjustment, the National Index rose +0.4% MoM, while both the 10-City and 20-City Composites increased +0.5% MoM, indicating limited underlying momentum once seasonality is removed.
- Regional divergence remained pronounced, led by Chicago (+5.7% YoY), New York (+5.0%), and Cleveland (+3.4%), while Sun Belt markets declined, including Tampa (-3.9%), Phoenix (-1.4%), Dallas (-1.4%), and Miami (-1.0%).
- Mortgage rates remained in the mid-6% range during November, coinciding with muted monthly price changes and continued pressure on affordability.
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U.S. home prices rose +1.4% YoY in October 2025 and were flat to slightly negative MoM, reflecting stalled momentum amid broad regional divergence.
- The S&P Dow Jones Indices Case-Shiller U.S. National Home Price Index posted a +1.4% YoY gain in October, up from +1.3% YoY in September, marking one of the weakest annual increases since mid-2023.
- The 10-City Composite rose +1.9% YoY (down from +2.0%), and the 20-City Composite increased +1.3% YoY (down from +1.4%), underscoring continued deceleration outside the national aggregate.
- On a MoM basis (NSA), the National Index fell -0.2%, while the 10-City and 20-City Composites declined -0.2% and -0.3%, respectively, indicating widespread monthly softness before seasonal adjustment.
- After seasonal adjustment, the National Index rose +0.4% MoM, and both the 10-City and 20-City Composites increased +0.3% MoM, showing only modest support once seasonality is accounted for.
- Sixteen of 20 metro areas recorded MoM declines in October (NSA), with Cleveland, Boston, Seattle, and Denver each falling roughly -0.8% to -1.0%, pointing to broad short-term stagnation.
- Regional divergence persisted on an annual basis, led by Chicago (+5.8% YoY), New York (+5.0% YoY), and Cleveland (+4.1% YoY), while Sun Belt markets lagged, including Tampa (-4.2% YoY), Phoenix (-1.5% YoY), Dallas (-1.5% YoY), and Miami (-1.1% YoY).
- Data for Detroit were unavailable for October due to transaction reporting delays, though September data were sufficient for prior updates, limiting full metro coverage for the latest release.
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U.S. home prices rose 1.3% YoY in September 2025 (from 1.4% YoY in August), reflecting continued deceleration and marking the weakest annual gain since mid-2023 amid broad affordability pressures.
- The National Index fell -0.3% MoM (NSA), while the 10-City and 20-City Composites declined -0.5% MoM, showing broad monthly weakening before seasonal adjustment.
- After seasonal adjustment, the National and 10-City composites rose +0.2% MoM, and the 20-City Composite increased +0.1%, indicating only marginal support once seasonality is accounted for.
- Inflation continued to outpace home prices for a fourth straight month, with September CPI running 1.7 ppts above home-price appreciation, the widest gap since the divergence began in June.
- Regional divergence widened: Chicago (+5.5% YoY), New York (+5.2% YoY), and Boston (+4.1% YoY) led gains, while Tampa (-4.1% YoY), Phoenix (-2.0% YoY), Dallas (-1.3% YoY), and Miami (-1.3% YoY) posted declines.
- All 20 metros saw MoM declines before adjustment, with the steepest drops in Tampa (-1.0% MoM), San Diego (-0.9% MoM), and Seattle (-0.9% MoM), signaling broad cooling as mortgage rates near 6.3% weigh on demand.
- Over the past six months, national prices have risen only 0.4%, a gain that is effectively negative after adjusting for inflation, highlighting fading momentum since early-2025.
- Only 7 of 20 metros posted positive six-month gains, while most Sun Belt and Western markets saw outright declines, underscoring the shift back toward pre-pandemic regional patterns.
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The S&P Case-Shiller U.S. National Home Price Index rose +1.5% YoY in August 2025 (vs +1.6% YoY in July), marking the weakest annual gain in over two years and underscoring continued cooling in the housing market.
- The National Index increased +1.5% YoY, while the 10-City Composite rose +2.1% (Jul: +2.3%) and the 20-City Composite gained +1.6% (Jul: +1.8%).
- On a MoM basis, the National Index fell -0.3% (NSA) and the 10-City and 20-City Composites declined -0.6%, with all three indices still down even after seasonal adjustment.
- After seasonal adjustment, all three of the headline indices increased 0.2% MoM.
- Chicago (+5.9%), New York (+6.1%), and Cleveland (+4.7%) led annual price gains, while Tampa (-3.3%), Phoenix (-1.7%), and Miami (-1.7%) recorded the steepest declines.
- Nineteen of 20 metros saw price drops before adjustment, indicating broad weakness beyond typical seasonal softening.
- Western markets such as San Francisco (-1.5%), Denver (-0.7%), and San Diego (-0.7%) also registered annual declines, signaling a retreat from pandemic-era highs.
- Nominal price growth continued to lag inflation (~3% YoY), marking the fourth straight month of real home-equity erosion.
- Persistent mortgage rates above 6.5% and elevated home prices continued to constrain buyer demand and transaction volumes, with the market appearing to settle into a slower post-pandemic equilibrium.
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The S&P Case-Shiller U.S. National Home Price Index slipped -0.1% MoM in July 2025 (NSA: -0.2% MoM) and slowed to +1.7% YoY, down from +1.9% YoY in June, underscoring broad cooling despite peak buying season.
- The 20-City Composite fell -0.1% MoM (NSA: -0.3% MoM) and rose +1.8% YoY in July, down from +2.2% YoY in June.
- The 10-City Composite also fell -0.1% MoM (NSA: -0.3% MoM) and gained +2.3% YoY, easing from +2.7% YoY in June.
- National home price growth of +1.7% YoY lagged consumer price inflation (+2.7%), marking the third straight month of real housing wealth decline.
- 15 of 20 major metros recorded MoM price declines before adjustment, highlighting weak demand even in the summer peak.
- New York (+6.4% YoY), Chicago (+6.2%), and Cleveland (+4.5%) led gains, continuing the shift toward more affordable Northeastern and Midwestern markets.
- Tampa (-2.8% YoY), Miami (-1.3%), Phoenix (-0.9%), and San Francisco (-1.9%) posted the steepest declines, reflecting a reversal of pandemic-era winners.
- High-cost Western metros such as Los Angeles (+0.2% YoY) and San Diego (-0.7%) showed little to no growth, underscoring affordability constraints.
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The S&P US National Home Price Index dropped -0.3% MoM in June and was up just 1.9% YoY, down from 2.3% YoY in May. This is the lowest annual rate since July 2023.
- The S&P 20-City Composite Index was down -0.3% MoM, causing the annual rate to slow from 2.8% YoY to 2.1% YoY.
- The S&P 10-City Composite Index eased -0.1% MoM, and that annual rate dropped from 3.4% YoY to 2.6% YoY.
- New York (+7.0% YoY), Chicago (+6.1%), and Cleveland (+4.5%) led gains, reflecting a regional shift toward traditional industrial centers.
- Tampa (-2.4% YoY), San Francisco (-2.0%), and Dallas (-1.0%) recorded the steepest declines, highlighting continued Sun Belt and West Coast weakness.
- National home price growth lagged CPI inflation (+2.7% YoY), marking the first decline in real housing wealth in several years.
- After seasonal adjustment, all three headline composites declined, suggesting that underlying housing demand remains weak despite normal seasonal buying patterns.
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The S&P CoreLogic Case-Shiller National Home Price Index fell -0.3% MoM SA (NSA: +0.4%) in May 2025, while annual price growth slowed to 2.3% YoY from 2.7% YoY in April, the weakest since July 2023.
- The 10-City Composite declined -0.3% MoM SA (NSA: +0.4%) and rose 3.4% YoY (vs 4.1% in April); the 20-City Composite also fell -0.3% MoM SA and rose 2.8% YoY (vs 3.4% prior; 3.0% YoY expected).
- New York led all metros with +7.4% YoY, followed by Chicago (+6.1%) and Detroit (+4.9%); Tampa remained the weakest at -2.4% YoY.
- On a MoM SA basis, prices fell in 16 of 20 cities, with the sharpest declines in San Francisco (-0.81%), Phoenix (-0.80%), and Denver (-0.57%).
- Just four metros posted MoM SA gains: Chicago (+0.03%), Cleveland (+0.13%), Charlotte (+0.28%), and Minneapolis (+0.09%).
- The monthly momentum slowdown reflects affordability strains, weak seasonal demand, and diverging regional conditions.
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The S&P CoreLogic Case-Shiller National Home Price Index fell-0.4% MoM (NSA: 0.6% MoM) in April 2025 and was up 2.7% YoY, slowing from 3.4% YoY in March and marking the weakest annual gain since mid-2023.
- The 10-City Composite rose fell -0.3% MoM (NSA: 0.7% MoM) and 4.1% YoY, down from 4.8% YoY in March.
- The 20-City Composite increased fell -0.3% MoM (NSA: 0.75% MoM) and 3.4% YoY (vs 4.0% YoY expected), down from 4.1% YoY.
- New York (+7.9% YoY), Chicago (+6.0%), and Detroit (+5.5%) posted the strongest annual gains; Tampa (-2.2%) and Dallas (-0.2%) recorded YoY declines.
- On an NSA MoM basis, 18 of 20 metros saw price increases, led by Detroit (+1.5%) and Boston (+1.5%).
- Affordability pressures, mid-6% mortgage rates, and low housing supply are shaping a more regionally divergent, fundamentals-driven market.
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The S&P Case-Shiller National Home Price Index fell -0.3% MoM (NSA: +0.8% MoM) in March and was up 3.4% YoY, down from 4.0% YoY in February.
- The 20-City Composite dropped -0.1% MoM (NSA: +1.1% MoM) and increased 4.1% YoY, down from 4.5% YoY in February and below expectations of a 4.5% YoY gain.
- The 10-City Composite was flat (NSA: +1.2% MoM) and up 4.8% YoY, down from 5.2% YoY.
- New York led all markets with an 8.0% YoY gain, followed by Chicago (+6.5%) and Cleveland (+5.9%); Tampa was the only metro with a YoY decline (-2.2%).
- On a MoM basis (NSA), Cleveland, Seattle, and New York posted the largest gains (+1.8%, +1.8%, and +1.5%).
- Tight housing supply and mid-6% mortgage rates continued to support prices despite affordability constraints, but the large monthly moves were mostly accounted for in seasonality.
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The S&P Case Shiller National Home Price Index increased 0.3% MoM (NSA: 0.4% MoM) and 3.9% YoY in February, down from 4.1% YoY in January.
- The 20-City Composite increased 0.4% MoM (NSA: 0.7% MoM), and 4.5% YoY, down from 4.7% YoY and below expectations of a 4.7% YoY increase.
- The 10-City Composite increased 0.5% MoM (NSA: 0.8% MoM) and 5.2% YoY, down from 5.4% YoY.
- Regional trends remained divergent. New York led all markets with a 7.7% annual increase, followed by Chicago (7.0%) and Cleveland (6.6%).
- Tampa again posted the weakest performance, with prices declining -1.5% YoY.
- Markets that had previously experienced rapid appreciation, particularly
- in the Sun Belt, continue to adjust as higher financing costs and affordability constraints weigh more heavily on buyer demand.
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The S&P Case Shiller National Home Price Index increased 0.1% MoM and 4.1% YoY in January, up from 4.0% YoY in December.
- The more narrow 20-City Composite was also up 0.1% MoM. The annual rate was 4.7% YoY, up from 4.5% YoY previously and slightly below expectations of a 4.8% YoY increase.
- The low gains in January were usual for the month. After seasonal adjustment, S&P estimates the national index was up 0.5% MoM and the 20-City Composite was up 0.5% MoM.
- Within the 20-City Composite, major cities are leading on an annual basis. The giant urban hubs of New York City (+7.7% YoY), Chicago (+7.5% YoY), and Boston (6.5% YoY) have reported the strongest increases.
- Tampa was the only market to see home prices down on an annual basis at -1.5% YoY.
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The S&P Case Shiller National Home Price Index increased 0.5% MoM (NSA: -0.1% MoM) and was up 3.9% YoY in December, up from 3.7% YoY in November.
- The 20-City Composite increased 0.5% MoM (NSA: -0.1% MoM) and was up 4.5% YoY above the 4.4% YoY forecast and the previous reading of 4.3% YoY.
- The 10-City Composite increased 0.5% MoM (NSA: 0.0% MoM) and was up 5.1% YoY, up from 5.0% YoY previously.
- On a monthly, seasonally adjusted basis, national level house prices fell two months in a row, down -0.15% MoM in December and -0.16% MoM in November.
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