Two new data reports have shown home price acceleration continued to slow during the final stretch of 2025.
The S&P Cotality Case-Shiller US National Home Price NSA Index reported a 1.3% annual gain in December, in line with the previous month. The 10-City Composite annual increase came in at 1.9%, down from 2.0% the previous month, while the 20-City Composite posted a 1.4% year-over-year gain, in line with the previous month.
Before the seasonal adjustment, the National Index dropped 0.3% month-over-month and both the 10-City Composite and the 20-City Composite decreased 0.1%. After the seasonal adjustment, the National Index posted a 0.4% increase and the 10-City and 20-City Composites posted increases of 0.5%.
Chicago, New York and Cleveland reported the highest year-over-year gains with year-over-year price increases of 5.3%, 5.1% and 4.0%, respectively. Tampa posted the lowest return in December falling 2.9%.
“With December’s results, we can now assess 2025’s full-year performance in historical context,” says Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “National home prices grew just 1.3% for the year — the weakest full-year gain since 2011, when prices fell 3.9%, and 5.3 percentage points below the 6.6% 10-year annual average. Even excluding 2021’s near-20% Covid-era surge, the 10-year average annual gain stands at 5.2%, still 3.9 percentage points ahead of this year’s result.”
Separately, the Federal Housing Finance Agency (FHFA) reported a 1.8% home price increase from the fourth quarter of 2024 to the fourth quarter of 2025.
During the fourth quarter, prices rose 0.8% compared to the third quarter of 2025. FHFA’s seasonally adjusted monthly index for December inched up by 0.1% from November.
The FHFA noted the US housing market has experienced positive annual appreciation each quarter since the start of 2012. Prices rose in 41 states year-over-year during the fourth quarter, with the greatest annual appreciation occurring in North Dakota (6.4%), Delaware (6.3%), and Illinois (6.1%). Prices were down in nine states and the District of Columbia, with Florida experiencing the most significant price decline at 2.7%.
