Weekly Real Estate News
U.S. single-family home prices declined 0.3% from August to September, according to Cotality’s Home Price Index released Tuesday, November 3. Annual appreciation was just 1.7%, and the property-data company expects prices to rise only 0.9% in the 12 months ending September 2027.
The report points to a housing market that is neither uniformly falling nor broadly recovering. Buyers in some Midwestern and Northeastern markets still face rising prices and scarce inventory, while several Western and Southern states have experienced outright declines.
Monthly decline exposes weaker momentum
Cotality said September’s 0.3% month-over-month decrease was the largest monthly decline since 2022. The national median single-family home price remained above $400,000. September prices were 1.7% higher than a year earlier, underscoring the distinction between a monthly decline and an annual price drop.
The September report is based on home-price activity for that month, not transactions completed in November. It was publicly released November 3 at 8 a.m. Eastern time. Cotality’s outlook of 0.9% growth is a forecast, not an observed result, and is subject to economic and mortgage-rate conditions.
Two housing markets emerge
Illinois led the state rankings with 6.9% year-over-year appreciation, followed by Rhode Island at 6.4%, Connecticut at 6.0%, New Jersey at 5.1% and Ohio at 4.9%, according to Cotality’s November analysis. Every Northeastern and Midwestern state recorded annual price gains.
Washington prices were down 1.0% from a year earlier, Wyoming fell 0.7%, Texas declined 0.4% and Hawaii slipped 0.1%. Utah was essentially flat. The contrast shows why a single national figure can obscure sharply different conditions for sellers, appraisers and lenders.
Cotality identified Cleveland, Albany, Providence, Greensboro and St. Louis among the markets showing stronger recent price growth. It also pointed to Augusta, Austin, Seattle, San Jose and Washington, D.C., as faster-cooling markets. The report links these differences to inventory, employment conditions, affordability and migration.
Mortgage costs continue to shape demand
Cotality Chief Economist Selma Hepp said rising everyday expenses, weak wage growth and limited job opportunities are making households more reluctant to move. Elevated mortgage rates are expected to constrain buying opportunities in 2027, even as additional inventory gives some buyers more negotiating leverage.
That creates a difficult balance for the industry. Slower price growth can help affordability at the margin, but mortgage payments, insurance, taxes and down-payment requirements still determine whether a household can buy. A buyer in a market where prices have dipped may still face a higher monthly payment than a buyer did several years ago.
For mortgage lenders, appraisers and real estate agents, local market conditions matter more than the headline national average. A price decline in one metro may call for different underwriting, listing and negotiation strategies than continued appreciation in another.
What to watch next
The key question is whether September’s monthly drop reflects a seasonal slowdown or a more persistent shift in demand. Cotality noted that prices normally edge up about 0.2% in September. Its next Home Price Index, covering October 2026, is scheduled for December 1.
Housing professionals should also watch whether the regional gap narrows, whether listings rise and whether changes in mortgage rates meaningfully improve purchasing power. The report does not establish that a nationwide housing-price crash is underway.
Simple Content Summary
Cotality’s November 3 release shows U.S. single-family home prices declined 0.3% in September while remaining 1.7% above September 2025. The company projects only 0.9% annual appreciation by September 2027, with strong gains in parts of the Northeast and Midwest contrasting with declines in several Western and Southern states.
Primary sources: Cotality November 2026 Home Price Insights; Cotality November 3 news release.
Featured photograph is illustrative, by Tom Rumble via Unsplash; it does not depict a specific Cotality study property.
