October Home Prices Rise Sequentially But S&P Says Annual Growth Weakest Since Mid-2023

10:57 AM EST, 12/30/2025 (MT Newswires) -- US home prices increased sequentially in October, although the annual growth rate was among the weakest since the middle of 2023, 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, rose 0.4% month-on-month in October after seasonal adjustments, following a 0.2% gain in September. The 10- and 20-city composite indexes were up 0.3% each in October.

Prices inclined 1.4% annually, compared with growth of 1.3% in September.

"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 (Federal Reserve's) rapid rate hikes," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices.

The 10- and 20-city composites rose 1.9% and 1.3% on a year-over-year basis in October, respectively, decelerating from gains of 2% and 1.4% in the month prior.

Among the 20 cities, Chicago logged the highest annual gain in home prices for October, followed by New York and Cleveland. Tampa's 4.2% decrease was the weakest of all 20 cities and represented its 12th consecutive month of annual declines, Godec said.

"Today's headwinds appear more entrenched," according to Godec. "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."

Separately, the Federal Housing Finance Agency said that home prices advanced 0.4% sequentially in October, following a 0.1% decline the previous month. Prices climbed 1.7% on a yearly basis.

On Monday, the National Association of Realtors reported that pending home sales in the US saw their best performance in November in almost three years amid improving affordability conditions.

Price: 529.08, Change: -1.02, Percent Change: -0.19

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