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.