S&P Dow Jones Indices (S&P DJI) today released the November 2025 results for the S&P Cotality Case-Shiller Indices.

More than 27 years of history are available for the data series and can be accessed in full by going to www.spglobal.com/spdji/en/index-family/indicators/sp-Cotality-case-shiller.

As has been noted, Cotality continues to have transaction delays from the recording office in Wayne County, the most populous county in the Detroit metro area. These delays impacted the November transaction data and, therefore, no valid November 2025 update of the Detroit S&P Cotality Case-Shiller Index will be provided for the January 27, 2026, release date. There was, however, enough data to calculate a valid October 2025 update, which is provided in Tables 2 and 3.

S&P DJI will continue to provide updates to the Detroit index values for the month(s) with missing sale transactions data.

ANALYSIS

"November's results confirm that the housing market has entered a period of tepid growth," said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "National home prices were only 1.4% higher than a year ago, unchanged from October's annual pace and still near the weakest showing since mid-2023. This subdued price growth is less than half of the 3.7% annual price increase notched in November 2024. Consumer inflation cooled to 2.7%, dipping below 3% for the first time since August and aligning with its average pace over the prior 12 months. However, home price growth still trails inflation by roughly 1.3 percentage points, meaning real home values have effectively edged down over the past year.

"Regional patterns continue to illustrate a stark divergence. Chicago leads all cities for a second consecutive month with a 5.7% year-over-year price increase, followed by New York at 5.0% and Cleveland at 3.4%. These historically steady Midwestern and Northeastern markets have maintained respectable gains even as overall conditions cool. By contrast, Tampa home prices are 3.9% lower than a year ago – the steepest decline among the 20 cities, extending that market's 13-month streak of annual drops. Other Sun Belt boomtowns remain under pressure as well: Phoenix (-1.4%), Dallas (-1.4%), and Miami (-1.0%) each continue to see year-over-year declines, a dramatic turnaround from their pandemic-era strength.

"Monthly price changes were mixed but leaned negative in November, underscoring persistent softness. On a non-seasonally adjusted basis, 15 of the 20 major metro areas saw prices decline from October (versus 16 declines in the previous month). Only a handful of markets – including Los Angeles, San Diego, Miami, New York, and Phoenix – eked out slight gains before seasonal adjustment. After accounting for typical seasonal slowing, the National Index inched up just 0.4% for the month, indicating that price momentum remains muted.

"High mortgage rates continue to cast a long shadow over housing," Godec concluded. "Thirty-year loan rates hovered in the mid-6% range during November, weighing on affordability even as they eased slightly from recent peaks. This elevated financing cost continues to cap home price growth. Inflation has erased most nominal gains, leaving home values essentially flat in real terms."

YEAR-OVER-YEAR

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 1.4% annual gain for November. The 10-City Composite showed an annual increase of 2.0%, up from a 1.9% increase in the previous month. The 20-City Composite posted a year-over-year increase of 1.4%, up from a 1.3% increase in the previous month.

Chicago reported the highest annual gain among the 20 cities with a 5.7% increase in November, followed by New York and Cleveland with annual increases of 5.0% and 3.4%, respectively. Tampa posted the lowest return in November, falling 3.9%.

MONTH-OVER-MONTH

The pre-seasonally adjusted U.S. National Index saw a drop of 0.1% and the 20-City Composite Index fell 0.03%, while the 10-City Composite Index increased 0.1%.

After seasonal adjustment, the U.S. National Index reported a monthly increase of 0.4%, and both the 10-City Composite and 20-City Composite Indices posted month-over-month gains of 0.5%.

SUPPORTING DATA

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, recorded a 1.4% annual increase in November 2025. The 10-City and 20-City Composites reported year-over-year increases of 2.0% and 1.4%, respectively.

Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.

Table 2 below summarizes the results for November 2025. The S&P Cotality Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P Cotality Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.