The S&P Case Shiller National Home Price Index rose +0.4% MoM SA and +1.3% YoY in December 2025, marking weak annual housing appreciation.

• The NSA National Index fell -0.3% MoM while SA rose +0.4% MoM, indicating seasonal adjustment reveals modest underlying monthly growth.

• On a SA basis, both the 10 City and 20 City Composite indices rose +0.5% MoM, signaling similar short term monthly momentum across metro aggregates.

• The 10 City Composite increased +1.9% YoY (down from +2.0%), and the 20 City Composite rose +1.4% YoY (unchanged), showing limited change in broader metro price trends.

• Chicago +5.3%, New York +5.1%, Cleveland +4.0%, and Minneapolis +2.7% led annual gains, while Tampa -2.9%, Denver -2.1%, Phoenix -1.5%, Dallas -1.5%, and Miami -1.5% declined, highlighting geographic divergence.

• National prices gained +1.3% in 2025, the weakest full year increase since 2011 and well below the 10 year average of +6.6%, confirming historically soft annual performance.

• Inflation of +2.7% exceeded home price growth by 1.4 ppts in 2025, turning real price returns negative beginning June 2025 after a decade of positive real appreciation.

• The first half of 2025 saw +2.6% price gains while the second half posted -1.3% nominal declines with all 20 tracked metros falling, indicating momentum reversed during the year.

• Mortgage rates averaged 6.2% in 2025 versus a 4.8% 10 year average and 3.9% pre pandemic norm, coinciding with weaker price appreciation dynamics.