U.S. home prices decreased -0.3% on an adjusted basis in June compared with May but were up 1.9% compared with June 2024, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index.
The report shows there has been a dramatic slowdown in home price appreciation in the past year – to the point where many markets have now turned negative: The index’s 10-city and 20-city composites, which measure home prices in the top 20 largest U.S. markets, saw month-over-month drops of -0.1% and -0.3%, respectively.
The 1.9% annual gain for June is down from a 2.3% annual gain in May.
New York again reported the highest annual gain among the 20 cities with a 7.0% increase in June, followed by Chicago and Cleveland with annual increases of 6.1% and 4.5%, respectively.
Tampa posted the lowest return, falling 2.4%.
“June’s results mark the continuation of a decisive shift in the housing market, with national home prices rising just 1.9 percent year-over-year—the slowest pace since the summer of 2023,” says Nicholas Godec, CFA, CAIA, CIPM, head of fixed income tradables and commodities at S&P Dow Jones Indices, in the report. “What makes this deceleration particularly noteworthy is the underlying pattern: The modest 1.9 percent annual gain masks significant volatility, with the first half of the period showing declining prices that were more than offset by a 2.5 percent surge in the most recent six months, suggesting the housing market experienced a meaningful inflection point around the start of 2025.”
“The geographic divergence has become the story’s defining characteristic,” Godec says. “New York’s 7.0 percent annual gain stands as a stark outlier, leading all markets by a wide margin, followed by Chicago at 6.1 percent and Cleveland at 4.5 percent. This represents a complete reversal of pandemic-era patterns, where traditional industrial
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