November S&P Cotality Case-Shiller US Home Price Index Fall Further

09:00 AM EST, 01/27/2026 (MT Newswires) -- The S&P Cotality Case-Shiller National Home Price index fell by 0.1% in November before seasonal adjustment following a 0.1% decrease in October.

National home prices were up 1.4% year-over-year, same as in October, suggesting a "tepid" period of growth according to S&P.

The 10-city index rose by 0.1% in the month, while the 20-city index was flat.

National home prices were up 0.4% month-over-month in November after seasonal adjustment, with the 10-city measure up 0.5% and the 20-city measure also 0.5% higher, above the 0.2% gain expected in a survey compiled by Bloomberg.

"High mortgage rates continue to cast a long shadow over housing," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "Thirty-year loan rates hovered in the mid-6% range during November, weighing on affordability even as they eased slightly from recent peaks. This elevated financing cost continues to cap home price growth. Inflation has erased most nominal gains, leaving home values essentially flat in real terms."

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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