- Prior was +1.4%
- House price index % m/m vs 0.0% prior
Home price data from the FHFA:
- Prices % y/y vs +1.9% prior
- Prices % m/m vs +0.6% prior
The
US housing market’s deceleration has been the story for months now,
and the Case-Shiller 20-City Composite continues to tell it clearly. The
index rose just 1.4% year-over-year in November 2025, a marginal tick
up from October’s 1.3% gain but still hovering near multi-year lows in
terms of annual appreciation. The December reading is due out today and
is unlikely to shift the narrative.
Here’s how the trend has unfolded since September:
- September 2025: +1.4% y/y, the eighth consecutive month of easing and the slowest pace since July 2023
- October 2025: +1.3% y/y, the smallest annual increase since July 2023
- November 2025: +1.4% y/y, the first pickup in ten months but still near a two-year low
The regional picture remains the most interesting part of this data set, and it continues to show a stark divergence between the Midwest/Northeast and the Sun Belt. Chicago led all 20 metros for a second consecutive month with a 5.7% annual gain, followed by New York at 5.0% and Cleveland at 3.4%. On the other end, Tampa posted a 3.9% decline, marking its 13th straight month of falling annual prices
