Home prices in August grew at the lowest annual rate in over two years, according to the recent release of the S&P Cotality Case-Shiller Home Price Index (seasonally adjusted – SA). Home prices grew at an annual rate of 1.51%, almost half the rate of inflation. This is well below the recent highs of around 6.5% at the beginning of 2024.
On a monthly basis, the index posted a modest increase from July, following five consecutive months of decline.
In addition to tracking national home price changes, the S&P Cotality CoreLogic Index (SA) also reports home price indexes across 20 major metro areas. Compared to last year, 11 of 20 metro areas reported a home price increase. There were 7 metro areas that grew more than the national rate of 1.51%. The highest annual rate was New York at 6.08%, followed by Chicago at 5.89% and Cleveland at 4.67%. Tampa fell at the fastest rate of -3.34%, followed by the other Florida metro area, Miami, at -1.69%.
3 Responses
crazy they have no data between NYC & DC. over 20 million Americans in the densest area of the country not covered. DC & NYC data doesnt mean anything if you live in Jersey, Philly, Delaware, or Baltimore
Please check out our quarterly post that breaks down price appreciation further by state and metro area (using a similar index – FHFA HPI): https://eyeonhousing.org/2025/09/house-price-appreciation-by-state-and-metro-area-second-quarter-2025/
Does this slowdown represent a healthy market rebalancing, or the beginning of a more significant correction? With inventory still a major issue in many markets, could we see prices simply plateau for an extended period rather than decline?