The S&P CoreLogic Case-Shiller 20-City Home Price Index in the US rose 1.8% year-on-year in July 2025, the smallest gain since July 2023, after a 2.2% increase in June, and compared to forecasts of 1.6%. "July's results reinforce that the housing market has downshifted to a much slower gear" said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. New York again reported the highest annual gain among the 20 cities (6.4%, followed by Chicago (6.2%) and Cleveland (4.5%). "Boston and Detroit also posted solid increases of about 4%, reflecting a broad trend: many Northeastern and Midwestern markets, which saw relatively modest price growth in the pandemic, are now among the nation's top performers. By contrast, several Sun Belt and West Coast markets that were recently red-hot are now faring far worse. Tampa home prices are down 2.8% yoy– the weakest of all 20 cities – and Phoenix has slipped to –0.9%, officially turning negative", Godec added.