The Case-Shiller 20-City Home Price Index rose 1.4% year over year in November 2025, slightly above October’s 1.3% gain and market expectations of 1.2%. While marking the first pickup in ten months, growth remains near a more than two-year low, underscoring a slower US housing market. Home price appreciation continued to lag consumer inflation, which eased to 2.7% in November. As a result, real home values effectively declined over the past year, with price growth trailing inflation by roughly 1.3 percentage points. Chicago led major markets for a second straight month with a 5.7% annual gain, followed by New York at 5.0% and Cleveland at 3.4%. In contrast, Tampa posted the steepest decline, down 3.9% and marking its 13th consecutive month of falling annual prices. Other former pandemic boom markets, particularly in the Sun Belt, also recorded notable declines, led by Phoenix (-1.4%), Dallas (-1.4%), and Miami (-1.0%).