Home prices are still on the rise, according to a pair of newly published data reports.
The S&P Cotality Case-Shiller US National Home Price NSA Index reported a 1.9% annual gain for June, down from a 2.3% rise in the previous month. The 10-City Composite increased 2.6%, down from a 3.4% rise in the previous month, while the 20-City Composite posted a year-over-year gain of 2.1%, down from a 2.8% increase in the previous month.
The pre-seasonally adjusted US National Index saw a slight upward trend, rising 0.1%. The 10-City Composite and 20-City Composite Indices posted drops of -0.1% and -0.04%, respectively. After the seasonal adjustment, the US National Index posted a decrease of -0.3% while the 10-City Composite Index posted a -0.1% decrease and the 20-City Composite Index fell -0.3%.
New York City again reported the highest annual gain among the 20 cities tracked in this data analysis with a 7.0% increase in June, followed by Chicago and Cleveland with annual increases of 6.1% and 4.5%, respectively. Tampa posted the lowest return, falling 2.4%.
“June’s results mark the continuation of a decisive shift in the housing market, with national home prices rising just 1.9% year-over-year—the slowest pace since the summer of 2023,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “What makes this deceleration particularly noteworthy is the underlying pattern: The modest 1.9% annual gain masks significant volatility, with the first half of the period showing declining prices (-0.6%) that were more than offset by a 2.5% surge in the most recent six months, suggesting the housing market experienced a meaningful inflection point around the start of 2025.”
Godec added, “The geographic divergence has become the story’s defining characteristic. New York’s 7.0% annual gain stands as a stark outlier, leading all markets by a wide margin, followed by Chicago (6.1%) and Cleveland (4.5%). This represents a complete reversal of pandemic-era patterns, where traditional industrial centers now outpace former darlings like Phoenix (-0.1%), Tampa (-2.4%), and Dallas (-1.0%). Tampa’s decline marks the worst performance among all tracked metros, while several Western markets including San Diego (-0.6%) and San Francisco (-2.0%) have joined the negative column—a remarkable transformation from their earlier boom years.”
Separately, the Federal Housing Finance Agency (FHFA) reported second quarter house prices were up year-over-year in 46 states. The five states with the highest annual appreciation were New York (8.0%), Connecticut (7.8%), New Jersey (7.5%), Mississippi (7.3%), and Illinois (6.7%). House prices were down in four states and District of Columbia, with the latter experiencing the most significant price decline at 7.6%.
House prices were unchanged between the first and second quarters of this year while FHFA’s seasonally adjusted monthly index for June was down 0.2% from May.
FHFA Director Bill Pulte did not publicly acknowledge his agency’s data report.
