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.