U.S. home prices rose 0.2% MoM in September 2025, matching August’s pace and marking a second straight month of modest gains, while YoY growth slowed to 3%, the weakest in Redfin’s data since 2012.

• Monthly prices were unchanged from August’s +0.2% MoM increase, showing continued stability after July’s flat reading.

• Annual price growth eased to 3% YoY (from 3.3% in August), down sharply from the 5–6% range seen earlier in 2025.

• Prices rose MoM in 32 of the 50 largest metros, led by San Diego (+1.7%), Milwaukee (+1.2%), and Providence (+0.8%).

• The steepest MoM declines were in San Antonio (-0.6%), Los Angeles (-0.6%), and Las Vegas (-0.6%).

• On a YoY basis, New York (+9.4%), Milwaukee (+9.0%), and Cleveland (+8.8%) led gains, while Austin (-4.2%), Tampa (-4.1%), and Phoenix (-2.5%) recorded the largest drops.

• Redfin noted that both buyers and sellers remain cautious amid elevated mortgage rates and economic uncertainty, keeping price movements narrow and the market in a “holding pattern.”