S&P Cotality Case-Shiller Index Reports Annual Gain In November 2025

Core Insights - The S&P Cotality Case-Shiller Indices indicate a period of tepid growth in the housing market, with national home prices only 1.4% higher year-over-year, unchanged from October's pace, and significantly lower than the 3.7% increase seen in November 2024 [4][8]. Year-over-Year Analysis - The S&P Cotality Case-Shiller U.S. National Home Price NSA Index reported a 1.4% annual gain for November 2025, consistent with the previous month [7][11]. - The 10-City Composite showed a 2.0% annual increase, up from 1.9% in the prior month, while the 20-City Composite posted a 1.4% increase, up from 1.3% [7][11]. - Regional disparities are evident, with Chicago leading at a 5.7% increase, followed by New York at 5.0% and Cleveland at 3.4%. In contrast, Tampa experienced a 3.9% decline, the steepest among the 20 cities [5][9]. Month-over-Month Analysis - The pre-seasonally adjusted U.S. National Index fell by 0.1%, while the 20-City Composite Index decreased by 0.03%. However, after seasonal adjustment, the U.S. National Index increased by 0.4%, with both the 10-City and 20-City Composite Indices posting gains of 0.5% [10][14]. - Monthly price changes were mixed, with 15 of the 20 major metro areas seeing price declines from October, indicating persistent softness in the market [6][10]. Economic Context - High mortgage rates, hovering in the mid-6% range, continue to impact housing affordability, limiting home price growth despite a slight easing from recent peaks [7][8]. - Consumer inflation has cooled to 2.7%, which is below the home price growth rate, resulting in real home values effectively declining over the past year [4][8].