U.S. home prices rose 3.4% year-over-year in March 2025, down from 4% in February, according to the S&P CoreLogic Case-Shiller Index. The 10-City Composite recorded a 4.8% increase, while the 20-City Composite rose 4.1%. New York reported the largest annual gain at 8%, followed by Chicago at 6.5% and Cleveland at 5.9%. Tampa was the only metro area to post an annual decline, dropping 2.2%, based on data released by S&P Dow Jones Indices.
On a month-over-month basis before seasonal adjustments, prices increased nationally by 0.8%. The 10-City and 20-City Composites posted gains of 1.2% and 1.1%, respectively. After seasonal adjustments, the U.S. National Index declined by 0.3%.
Eighteen of the 20 tracked metro areas registered monthly gains. Cleveland and Seattle tied for the highest monthly rise at 1.8%, followed closely by New York at 1.5%. Tampa and Miami declined by 0.3% and 0.2%, respectively.
Among the metro markets, Los Angeles rose 1.5% annually and 1.5% monthly, while Detroit saw a 5.8% annual increase and a 1.1% monthly rise. Dallas showed minimal annual change at 0.2%, and Phoenix rose 1.9% year-over-year.
The National Index level reached 327.68, representing a 77.5% increase from its 2006 peak and a 145% gain from the 2012 trough. The 10-City and 20-City Indices also remained significantly above prior cycle highs, up 58.5% and 64.1%, respectively.
The report notes that while affordability challenges persist due to high borrowing costs, tight housing supply continues to support home prices.
