Home Prices Made 1.4% Annual Gain in November, Says Case-Shiller
New York, NY, January 27, 2026-The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 1.4% annual gain for November.
The Ten-City Composite showed an annual increase of 2.0%, up from a 1.9% increase in the previous month. The 20-City Composite posted a year-over-year increase of 1.4%, up from a 1.3% increase in the previous month.
Chicago reported the highest annual gain among the 20 cities with a 5.7% increase in November, followed by New York and Cleveland with annual increases of 5.0% and 3.4%, respectively. Tampa posted the lowest return in November, falling 3.9%.
Real home values declined as consumer inflation (2.7%) outpaced the National Index gain (1.4%) by 1.3 percentage points.
In addition, regional divergence persisted: Midwestern and Northeastern markets led by Chicago (+5.7%) and New York (+5.0%) posted gains, while Sun Belt cities including Tampa (–3.9%), Phoenix (–1.4%), Dallas (–1.4%), and Miami (–1.0%) saw declines.
"November's results confirm that the housing market has entered a period of tepid growth," said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. "National home prices were only 1.4% higher than a year ago, unchanged from October's annual pace and still near the weakest showing since mid-2023. This subdued price growth is less than half of the 3.7% annual price increase notched in November 2024. Consumer inflation cooled to 2.7%, dipping below 3% for the first time since August and aligning with its average pace over the prior 12 months. However, home price growth still trails inflation by roughly 1.3 percentage points, meaning real home values have effectively edged down over the past year.
"Regional patterns continue to illustrate a stark divergence. Chicago leads all cities for a second consecutive month with a 5.7% year-over-year price increase, followed by New York at 5.0% and Cleveland at 3.4%. These historically steady Midwestern and Northeastern markets have maintained respectable gains even as overall conditions cool. By contrast, Tampa home prices are 3.9% lower than a year ago – the steepest decline among the 20 cities, extending that market's 13-month streak of annual drops. Other Sun Belt boomtowns remain under pressure as well: Phoenix (-1.4%), Dallas (-1.4%), and Miami (-1.0%) each continue to see year-over-year declines, a dramatic turnaround from their pandemic-era strength.
"Monthly price changes were mixed but leaned negative in November, underscoring persistent softness. On a non-seasonally adjusted basis, 15 of the 20 major metro areas saw prices decline from October (versus 16 declines in the previous month). Only a handful of markets – including Los Angeles, San Diego, Miami, New York, and Phoenix – eked out slight gains before seasonal adjustment. After accounting for typical seasonal slowing, the National Index inched up just 0.4% for the month, indicating that price momentum remains muted.
"High mortgage rates continue to cast a long shadow over housing," Godec concluded. "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 pre-seasonally adjusted U.S. National Index saw a drop of 0.1% and the 20-City Composite Index fell 0.03%, while the Ten-City Composite Index increased 0.1%.
After seasonal adjustment, the U.S. National Index reported a monthly increase of 0.4%, and both the Ten-City Composite and 20-City Composite Indices posted month-over-month gains of 0.5%.