Chicago and New York See Nation’s Biggest Gains in Home Prices

U.S. home price increases continue to decelerate, with annual price gains slowing to the lowest level in over two years. U.S. home prices were up 1.3% year-over-year as of December 2025, according to not seasonally adjusted data from S&P Cotality Case-Shiller U.S. National Home Price Index, which measures average home prices across the nation. That increase was below the annual gain of roughly 4% seen a year earlier and the smallest year-over-year price increase since mid-2023. Looking at more granular results, the S&P Cotality Case-Shiller 20-City Composite Index, which tracks prices in the 20 largest cities, posted a year-over-year increase of 1.4% in December, down from the year-earlier annual increase of 4.6%. The biggest annual price hikes were in Chicago and New York, with both posting gains above 5%. As of December 2025, nine of the 20 cities in the index reported year-over-year price decreases, with the steepest decline of 2.9% in Tampa, with Denver also posting a pullback in excess of 2%.