U.S. home prices posted a 0.9% annual gain for January, down from a 1.1% increase in December, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index. This marks the eighth consecutive month that inflation has outpaced national home price appreciation, with the Consumer Price Index coming in at 1.5 percentage points above the 0.9% annual gain.
"January's results show home price gains continuing to cool, with the U.S. National Index up 0.9% year over year—down from 1.1% in the prior month," Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices said. “Price levels remain elevated, but the rate of appreciation has slowed materially.
"The inflation comparison reinforces the trend," Godec added. "CPI rose 2.4% over the year ended January 2026, 1.5 percentage points above the National Index's 0.9% gain. In real terms, home values have declined modestly over the past year.”
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