Two new data reports have highlighted a slowing acceleration in home prices.
The S&P Cotality Case-Shiller US National Home Price NSA Index reported a 0.7% annual gain in March, down from a 0.8% rise in the previous month. The 10-City Composite saw an annual increase of 1.4%, down from a 1.5% increase in the previous month, while the 20-City Composite posted a year-over year increase of 0.8%, down from a 0.9% rise in the previous month.
The pre-seasonally adjusted US National, 10-City Composite, and 20-City Composite Indices recorded annual gains of 0.7%, 1.2%, and 1.0%, respectively. After the seasonal adjustment, the US National and 20-City Composite Indices reported a monthly decrease of 0.2% while the 10-City Composite Index posted a 0.03% drop.
Chicago, New York and Cleveland reported the highest year-over-year gains with year-over-year price increases of 6.1%, 4.0% and 3.0%, respectively. Seattle posted the weakest return in March, falling -2.5% from one year earlier.
“More than half of major US metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “With consumer inflation at 2.4%, US home values have lost ground in real terms for nine consecutive months.”
Separately, the Federal Housing Finance Agency reported its seasonally adjusted House Price Index recorded a scant 0.1% uptick from February to March and a mild 1.7% increase between the first quarter of 2025 and the first quarter of 2026. Nationally, the housing market has experienced positive annual appreciation each quarter since the start of 2012.
House prices were up year-over-year rose in 42 states during the first quarter, most notably Illinois with a 7.3% rise. Colorado experienced the most significant price decline at 2.4%.
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