The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.3% annual gain for December 2025, down from a 1.4% rise the previous month and capping a weak year.
“With December's results, we can now assess 2025's full-year performance in historical context,” said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "National home prices grew just 1.3% for the year—the weakest full-year gain since 2011, when prices fell 3.9%, and 5.3 percentage points below the 6.6% 10-year annual average. Even excluding 2021's near-20% Covid-era surge, the 10-year average annual gain stands at 5.2%, still 3.9 percentage points ahead of this year's result."
Inflation outpaced home price appreciation from June 2025 onward, eroding real home values through year's end and reversing a decade-long trend of positive real returns, according to the index. Geographic divergence widened sharply, too. Chicago and New York led all markets with gains above 5%, while Tampa, Phoenix, Dallas and Miami posted the steepest declines among markets that finished the year in negative territory.
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