Home Prices Decline Notably in Tampa, While New York Sees Big Gains

U.S. home prices continue to increase, but those increases are gradually decelerating, with annual price gains slowing to the lowest level in nearly two years. U.S. home prices were up 2.7% year-over-year as of April 2025, according to not seasonally adjusted data from S&P CoreLogic Case-Shiller U.S. National Home Price Index, which measures average home prices across the nation. That increase was below the annual gain of 3.4% seen in March and was the smallest year-over-year price increase since August 2023. Looking at more granular results, the S&P CoreLogic Case-Shiller 20-City Composite Index, which tracks prices in the 20 largest cities, posted a year-over-year increase of 3.4% in April, down from an annual increase of 4.8% during March. Most of the markets tracked recorded an increase in prices over the past year. The biggest annual price hike was in New York at 7.9%, followed by Chicago (6%), Detroit (5.5%) and Cleveland (5.2%). As of April 2025, only two of the 20 cities in the index reported year-over-year price decreases, with the steepest decline of 2.2% in Tampa, while Dallas posted a mere 0.2% pullback.