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February 24, 2026US S&P COTALITY CASE-SHILLER HOME PRICE INDICES, DECEMBER 2025 Month-over-month (December 2025 vs November 2025, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P Cotality Case - Shiller Indices increased by 0.4% from the previous month. The 20-city composite average and 10-city composite average were both up 0.5%.
Month-over-month housing prices increased for 18 of 19 (Detroit data for December 2025 is not available) major urban centres, with the fastest gain in San Diego. The only decline was reported in Denver.
Year over year (December 2025 vs December 2024, seasonally adjusted)
In the year over year comparison, National US house prices increased 1.3%. The 20-city composite average increased 1.4% while the 10-city composite grew 2.0%. Housing prices were up for 10 of 19 (Detroit data for December 2025 is not available) major urban centres. The largest gains were in Chicago and New York. The fastest decline was reported in Tampa.
Annual (2025 vs 2024, seasonally adjusted)
US national house prices rose by 2.3% in 2025 compared to 2024. The 20-city composite average was up 2.5% and the 10-city composite was up 3.1%.
Housing prices were up for 15 of 19 (Detroit data for December 2025 is not available) major urban centres. The largest gains were in New York and Chicago. The fastest decline was in Tampa.
Trends
In 2025 price growth was weaker compared with the growth observed in 2024.
In 2023 and 2024, US house prices gradually increased and passed the peak of June 2022. In the summer months of 2025, US house prices declined, but have recently returned to a gradual increasing trend.
Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) peaked in 2022, declined in 2023, peaked again in 2024, and had declined in 2025 (-3.9% year-over-year in January 2026). Halifax resale house prices also had peaks in 2022 and 2024, but exhibited a faster recovery over from corrections over the last 3 years.
The 20-City Composite Index includes Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington DC.
The 10-City Composite Index includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington DC.
Source: S&P Cotality Case-Shiller Home Price Index, retrieved from FRED, Federal Reserve Bank of St. Louis
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