U.S. home prices rise 1.27% year over year in December 2025 on the S&P Cotality Case-Shiller U.S. National Home Price NSA Index, while the 10-city and 20-city composite indices rise 1.93% and 1.38%, respectively, based on figures released by S&P Dow Jones Indices.
Chicago posts the highest annual gain among the 20 metro areas at 5.34% in December 2025, followed by New York at 5.08% and Cleveland at 4.02%. Minneapolis rises 2.72%, while Los Angeles rises 0.87% and San Diego rises 0.79%.
Tampa records the largest annual decline at -2.85% in December 2025. Denver falls -2.06%, Phoenix falls -1.53%, Dallas falls -1.52%, Miami falls -1.46%, and Portland falls -1.11%.
S&P Dow Jones Indices says the 30-year mortgage rate ends 2025 at 6.2% and annual inflation for 2025 totals 2.7%, exceeding the national home-price gain by 1.4 percentage points. It also says it does not publish a valid December 2025 update for Detroit because transaction delays in Wayne County affect the December data, while it provides a November 2025 update for Detroit.
