The S&P Dow Jones Indices released the March 2025 results for the S&P CoreLogic Case-Shiller Home Price Indices, showing a 3.4% annual gain in U.S. home prices. This marks a slight decline from the 4.0% annual increase recorded in February 2025. The data covers over 27 years and tracks home prices across nine U.S. census divisions.
Year-Over-Year Home Price Changes
The national index rose 3.4% compared to March 2024, down from 4.0% in February.
The 10-City Composite index increased 4.8% annually, a decrease from 5.2% the prior month.
The 20-City Composite index grew 4.1% year-over-year, down from 4.5% in February.
Among the 20 cities, New York led with an 8% annual price increase, followed by Chicago at 6.5% and Cleveland at 5.9%.
Tampa recorded the largest decline, with prices falling 2.2% year-over-year.
Monthly Price Movements
Before seasonal adjustments, the national index rose 0.8% month-over-month in March.
The 10-City and 20-City Composites increased by 1.2% and 1.1%, respectively.
After seasonal adjustments, the national index fell 0.3%, the 10-City Composite edged up 0.01%, and the 20-City Composite declined 0.1%.
This marks the first monthly decrease in the national index since January 2023.
Market Insights
Home price appreciation continues in 2025 but at a slowing pace. The slight monthly declines after seasonal adjustment suggest some cooling in the housing market. Inflation-adjusted figures show even smaller gains or slight declines, indicating real price growth is modest.
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