October Case-Shiller US Home Price Index Declines at Faster Rate Than in September

09:00 AM EST, 12/30/2025 (MT Newswires) -- The Case-Shiller National Home Price index fell by 0.2% in October before seasonal adjustment following a 0.3% decrease in September.

National home prices were up 1.4% year-over-year, up from 1.3% in September.

"For context, this is the weakest annual home price growth since the March through July 2023 period, when the market was absorbing the initial shock of the Fed's rapid rate hikes," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "But today's headwinds appear more entrenched. Elevated mortgage rates, paired with inflation that continues to outpace home price gains, have intensified affordability pressures, potentially setting a new equilibrium of minimal price appreciation or, in some markets, outright declines."

The 10-city index fell by 0.2% in the month, while the 20-city index was down 0.3%.

National home prices were up 0.4% month-over-month in October after seasonal adjustment, with the 10-city measure and the 20-city measure both 0.3% higher than a month ago.

The monthly home price index report from S&P CoreLogic Case-Shiller measures single-family home prices across the US with a two-month lag, broken down by city, with combined measures of the 10 and 20 largest cities and a national index. Case-Shiller reports percentage gains both from the previous month and a year earlier.

Higher home prices are inflationary and are usually negative for bonds. The possible outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.

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