U.S. home price growth slowed at the start of 2026, with the S&P/Case-Shiller 20-City Home Price Index (non-seasonally adjusted) posting a 1.2% year-over-year increase in January. This marks a deceleration from the 1.4% annual rise recorded in December 2025, based on the latest data updated on 31 March 2026.
The index measures how much prices in 20 major U.S. metropolitan areas have changed compared to the same month a year earlier. In January 2026, the gain in prices was weaker than in the prior month, signaling a modest cooling in urban housing markets after the slightly stronger year-over-year performance seen in December.
While the data do not break down performance by city, the shift from 1.4% to 1.2% suggests that, across the tracked metro areas, price appreciation is losing momentum on a yearly basis, potentially reflecting waning demand or increased supply in key U.S. housing markets as the new year began.
