The S&P Case Shiller National Home Price Index rose +0.4% MoM SA and +1.3% YoY in December 2025, marking weak annual housing appreciation.

• The NSA National Index fell -0.3% MoM while SA rose +0.4% MoM, indicating seasonal adjustment reveals modest underlying monthly growth.

• On a SA basis, both the 10 City and 20 City Composite indices rose +0.5% MoM, signaling similar short term monthly momentum across metro aggregates.

• The 10 City Composite increased +1.9% YoY (down from +2.0%), and the 20 City Composite rose +1.4% YoY (unchanged), showing limited change in broader metro price trends.

• Chicago +5.3%, New York +5.1%, Cleveland +4.0%, and Minneapolis +2.7% led annual gains, while Tampa -2.9%, Denver -2.1%, Phoenix -1.5%, Dallas -1.5%, and Miami -1.5% declined, highlighting geographic divergence.

• National prices gained +1.3% in 2025, the weakest full year increase since 2011 and well below the 10 year average of +6.6%, confirming historically soft annual performance.

• Inflation of +2.7% exceeded home price growth by 1.4 ppts in 2025, turning real price returns negative beginning June 2025 after a decade of positive real appreciation.

• The first half of 2025 saw +2.6% price gains while the second half posted -1.3% nominal declines with all 20 tracked metros falling, indicating momentum reversed during the year.

• Mortgage rates averaged 6.2% in 2025 versus a 4.8% 10 year average and 3.9% pre pandemic norm, coinciding with weaker price appreciation dynamics.

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.

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.

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.

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.

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.