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In January, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index recorded a 4.1% annual gain, up from 4.0% in December. The 10-City Composite saw an annual increase of 5.3% in January, up from 5.2% the previous month, while the 20-City Composite rose 4.7% year-over-year, up from 4.5%. Among the 20 cities, New York again posted the highest annual gain at 7.7%, followed by Chicago at 7.5% and Boston at 6.6%. Tampa again exhibited the lowest annual return, with prices falling 1.5%.

On a month-over-month basis, both the U.S. National Index and 20-City Composite improved 0.1% before seasonal adjustment, and the 10-City Composite rose 0.2% pre-adjustment. Meanwhile, the 10-City and the 20-City Composites increased 0.5% after adjustment, while the U.S. National Index improved 0.6%. In 2024, the U.S. National Index advanced 4.1%, with the bulk of appreciation occurring in the first six months. Prices fell 0.7% in the second half of 2024 due to high mortgage rates and constraints on affordability. Of the cities tracked by the 20-City Composite Index, only four (New York, Chicago, Phoenix and Boston) showed price increases in the second half of the year, revealing broad cooling to prices.

Buyers and sellers are exercising more caution as affordability reaches multidecade lows in many regions, led by elevated monthly payment burdens amid already high home prices. Inventory also continues to be a challenge, especially in legacy metro areas where limited new construction constricts supply.