U.S. house prices were unchanged MoM in September 2025 (0.0% MoM) while rising 1.7% YoY (down from 2.4% YoY in August), marking continued but modest appreciation consistent with a broadly cooling market.

• Q3 2025 house prices increased 0.2% QoQ and 2.2% YoY, showing a slight gain compared with Q2 as national price growth remained positive but subdued.

• Over the past year, 44 states and D.C. recorded rising prices, with Illinois (+6.9%), New York (+6.8%), and North Dakota (+6.3%) leading gains, indicating regional pockets of firmer demand.

• Six states saw annual declines, led by Florida (-2.3%), highlighting weakness in select markets that experienced sharper pandemic-era run-ups.

• Among the 100 largest metros, 76 posted annual price increases; Allentown-Bethlehem-Easton, PA-NJ led at +9.7%, while Cape Coral-Fort Myers, FL saw the steepest drop at -10.8%.

• Census division performance was mixed: the Middle Atlantic posted the strongest YoY gain at +5.7%, while the Pacific division recorded a small -0.1% decline.