U.S. home prices rose 0.3% MoM in October on a seasonally adjusted basis, with YoY growth easing to 2.9% (from 3.1% in September), marking the slowest annual increase since 2012 and reflecting a market moving sideways.

• The 0.3% MoM gain followed a 0.2% increase in September, showing slightly firmer monthly momentum even as annual growth continued its gradual deceleration.

• Prices fell in 14 of the 50 largest metros, down from 20 in September and 30 in August, indicating fewer markets experienced monthly declines compared with the summer’s soft patch.

• The steepest MoM drops occurred in Fort Lauderdale (-1.4%), Philadelphia (-0.6%), and Dallas (-0.3%), highlighting localized weakness.

• The strongest MoM increases were in San Francisco (+1.7%), Chicago (+1.4%), and West Palm Beach (+1.1%), pointing to stronger pockets of demand.

• Cleveland (+10.1%), Chicago (+9.8%), and Milwaukee (+9.4%) led YoY price gains, while Tampa (-3.6%), Austin (-3.4%), and Dallas (-2.4%) posted the sharpest annual declines.

• Redfin noted that slower inventory growth in recent months has helped support prices, even as overall demand remains historically low and many buyers stay sidelined due to affordability and uncertainty.