July Home Prices Drop Sequentially, Annual Growth Among Weakest in Decade, S&P Dow Jones Indices Says

03:29 PM EDT, 09/30/2025 (MT Newswires) -- US home prices fell sequentially in July, while the annual growth rate was one of the weakest in the last 10 years, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.

The S&P Cotality Case-Shiller Index, formerly known as the S&P CoreLogic Case-Shiller Index, dropped 0.1% month on month in July after seasonal adjustments, following a 0.2% decrease in June. The 10- and 20-city composite indexes were also down 0.1% each in July.

Prices rose 1.7% annually, slower than a 1.9% gain in June.

"This is one of the weakest annual price increases in the past decade -- and notably, it's below the 2.7% rise in consumer prices over the same period," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices.

"July's results reinforce that the housing market has downshifted to a much slower gear," Godec said.

The 10- and 20-city composites rose 2.3% and 1.8% on a year-over-year basis, respectively, decelerating from gains of 2.7% and 2.2% in June.

"Home values have essentially stagnated after inflation, marking the third straight month of real housing wealth decline for homeowners," according to Godec.

Among the 20 cities, New York again logged the highest annual gain in home prices for July, followed by Chicago and Cleveland. Tampa's 2.8% decline was the weakest of all 20 cities, according to the report.

"Looking ahead, the housing market appears to be settling into a new, more measured equilibrium," Godec said. "The era of 15-20% annual home price jumps is behind us, and in its place we're seeing growth rates closer to overall inflation -- or even a bit below it."

Separately, the Federal Housing Finance Agency said that home prices fell 0.1% sequentially in July, following a 0.2% drop the month prior. Prices climbed 2.3% on a yearly basis.

Price: 486.93, Change: -4.41, Percent Change: -0.90

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