December Case-Shiller US Home Price Index Falls at Faster Pace Than in November, Up After Seasonal Adjustment

09:00 AM EST, 02/24/2026 (MT Newswires) -- The Case-Shiller National Home Price index fell by 0.3% in December before seasonal adjustment following a 0.1% decrease in November.

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

The 10-city index and 20-city index both declined by 0.1% in December.

National home prices were up 0.4% month-over-month in December after seasonal adjustment, with the 10-city measure and 20-city measure both up 0.5%.

"With December's results, we can now assess 2025's full-year performance in historical context," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "National home prices grew just 1.3% for the year - the weakest full-year gain since 2011, when prices fell 3.9%, and 5.3 percentage points below the 6.6% 10-year annual average. Even excluding 2021's near-20% Covid-era surge, the 10-year average annual gain stands at 5.2%, still 3.9 percentage points ahead of this year's result."

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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