The S&P CoreLogic Case-Shiller 20-City Home Price Index rose 1.4% year over year in December 2025, unchanged from November and in line with market expectations. Even so, annual price growth remains near its weakest pace in more than two years, underscoring the ongoing cooling in the US housing market.
Home price gains also lagged consumer inflation, which was 2.7% in December. This means that, in real terms, home values declined over the past year, with nominal price growth trailing inflation by about 1.3 percentage points.
Chicago led the major metropolitan areas for the third consecutive month, with a 5.3% annual increase, followed by New York at 5.1% and Cleveland at 4.0%. At the other end of the spectrum, Tampa recorded the largest drop, with prices down 2.9% year over year and extending its run of falling annual prices to 14 straight months.
Other former pandemic-era boom markets, particularly in the Sun Belt, also posted notable declines, led by Phoenix (-1.5%), Dallas (-1.5%), and Miami (-1.5%).
