The S&P CoreLogic Case-Shiller National Home Price Index posted a 1.4% annual gain in November 2025. S&P Dow Jones Indices reported this rate remained consistent with the previous month.
This growth signals a period of subdued housing market activity. Home price increases trailed the 2.7% consumer inflation rate, resulting in a decline in real home values.
Regional divergence continues across the market. Chicago posted the highest year-over-year gain at 5.7%. New York followed closely, posting a 5.0% gain.
Conversely, Sun Belt markets experienced price declines. This included Tampa and Phoenix, which saw significant growth during the pandemic era. Analysts identify high mortgage rates as the primary factor capping home price appreciation.