US Home Price Growth Slows to Weakest Pace Since 2023

2026-04-28 13:32 By Joana Ferreira 1 min. read

The S&P Cotality Case-Shiller 20-City Home Price Index rose just 0.9% year-over-year in February 2026, down from 1.2% in January and below market forecasts of 1.1%.

This marks the slowest annual growth since July 2023, highlighting the ongoing cooldown in the US housing market.

For the ninth straight month, inflation outpaced home price appreciation, prolonging the streak of negative real home price returns.

Over half of major US metro areas saw year-over-year price declines in February, with Denver (-2.2%) overtaking Tampa (-2.1%) as the weakest market, while Los Angeles (-0.8%) and Washington (-0.1%) also joined the list of decliners.

On the other hand, Chicago led gains at 5%, followed by New York (4.7%) and Cleveland (4.2%).

"Mortgage rates near 6% continue to weigh on affordability and transaction activity, holding nominal price growth below inflation," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.



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US Home Price Growth Slows to Weakest Pace Since 2023
The S&P Cotality Case-Shiller 20-City Home Price Index rose just 0.9% year-over-year in February 2026, down from 1.2% in January and below market forecasts of 1.1%. This marks the slowest annual growth since July 2023, highlighting the ongoing cooldown in the US housing market. For the ninth straight month, inflation outpaced home price appreciation, prolonging the streak of negative real home price returns. Over half of major US metro areas saw year-over-year price declines in February, with Denver (-2.2%) overtaking Tampa (-2.1%) as the weakest market, while Los Angeles (-0.8%) and Washington (-0.1%) also joined the list of decliners. On the other hand, Chicago led gains at 5%, followed by New York (4.7%) and Cleveland (4.2%). "Mortgage rates near 6% continue to weigh on affordability and transaction activity, holding nominal price growth below inflation," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
2026-04-28
US Home Price Growth Slows to Weakest Since 2023
The S&P Cotality Case-Shiller 20-City Home Price Index rose 1.2% year over year in January 2026, down from 1.4% in December and below market expectations of 1.3%. This marked the weakest annual growth since July 2023, underscoring the continued cooling in the US housing market. For the eighth straight month, home price appreciation lagged consumer inflation, pushing real home values slightly lower compared to a year ago. New York led gains with a 4.9% annual increase, followed by Chicago (4.6%) and Cleveland (3.6%), while Tampa saw the largest decline (-2.5%). On a monthly basis, prices dipped 0.1% before seasonal adjustment but ticked up 0.2% after, signaling a market in stabilization mode, neither rebounding nor crashing.
2026-03-31
US Home Price Growth Stays Subdued in December
The S&P Cotality Case-Shiller 20-City Home Price Index rose 1.4% year over year in December 2025, matching November’s pace and market expectations. However, annual price growth remains close to its weakest level in more than two years, highlighting continued cooling in the US housing market. Home price gains also trailed consumer inflation, which stood at 2.7% in December. As a result, real home values effectively declined over the past year, with nominal price growth lagging inflation by about 1.3 percentage points. Chicago led major markets for a third straight month with a 5.3% annual gain, followed by New York at 5.1% and Cleveland at 4.0%. In contrast, Tampa posted the steepest decline, down 2.9% and marking its 14th consecutive month of falling annual prices. Other former pandemic boom markets, particularly in the Sun Belt, also recorded notable declines, led by Phoenix (-1.5%), Dallas (-1.5%), and Miami (-1.5%).
2026-02-24