S&P Cotality Case-Shiller Index Records Annual Gain in June 2025
S&P Dow Jones Indices (NYSE:SPGI) released the June 2025 S&P Cotality Case-Shiller Indices results, showing a significant shift in the U.S. housing market. The National Index posted a 1.9% annual gain, marking the slowest growth since 2023 and falling behind the consumer inflation rate of 2.7%.
A notable geographic transformation has emerged, with New York leading at 7.0% growth, followed by Chicago (6.1%) and Cleveland (4.5%), while former pandemic hotspots declined: Tampa (-2.4%), Phoenix (-0.1%), and Dallas (-1.0%). The monthly data shows weakness with the National Index falling 0.3% after seasonal adjustment, despite 13 of 20 metros posting gains before adjustment.
S&P Dow Jones Indices (NYSE:SPGI) ha pubblicato i risultati di giugno 2025 degli S&P Cotality Case-Shiller Indices, evidenziando un cambiamento significativo nel mercato immobiliare statunitense. Il National Index ha registrato un aumento annuo dell'1,9%, il ritmo di crescita più lento dal 2023 e al di sotto del tasso d'inflazione al consumo del 2,7%.
Si osserva una trasformazione geografica: New York guida con una crescita del 7,0%, seguita da Chicago (6,1%) e Cleveland (4,5%), mentre alcune aree che erano in crescita durante la pandemia risultano in calo: Tampa (-2,4%), Phoenix (-0,1%) e Dallas (-1,0%). I dati mensili mostrano debolezza, con il National Index in calo dello 0,3% dopo la correzione stagionale, nonostante 13 delle 20 aree metropolitane abbiano registrato aumenti prima della rettifica.
S&P Dow Jones Indices (NYSE:SPGI) publicó los resultados de junio de 2025 de los S&P Cotality Case-Shiller Indices, mostrando un cambio significativo en el mercado inmobiliario de EE. UU. El National Index anotó un aumento interanual del 1,9%, el crecimiento más lento desde 2023 y por debajo de la tasa de inflación al consumo del 2,7%.
Se aprecia una transformación geográfica: New York lidera con un crecimiento del 7,0%, seguida por Chicago (6,1%) y Cleveland (4,5%), mientras que antiguos focos pandémicos caen: Tampa (-2,4%), Phoenix (-0,1%) y Dallas (-1,0%). Los datos mensuales muestran debilidad, con el National Index retrocediendo un 0,3% tras el ajuste estacional, pese a que 13 de 20 áreas metropolitanas registraron ganancias antes del ajuste.
S&P Dow Jones Indices (NYSE:SPGI)가 2025년 6월 S&P Cotality Case-Shiller 지수 결과를 발표하며 미국 주택 시장의 큰 변화를 보여주었습니다. 전국 지수(National Index)는 연간 1.9% 상승해 2023년 이후 가장 느린 상승률을 기록했으며 소비자 물가 상승률 2.7%를 밑돌았습니다.
지역별 변���이 뚜렷하게 나타났는데, 뉴욕이 7.0% 성장으로 선두를 지켰고 시카고(6.1%), 클리블랜드(4.5%)가 뒤를 이었습니다. 반면 팬데믹 시기 강세를 보였던 지역들은 하락했습니다: 탬파(-2.4%), 피닉스(-0.1%), 달라스(-1.0%). 월간 데이터는 약세를 보였으며, 계절 조정 후 전국 지수가 0.3% 하락했지만 조정 전에는 20개 대도시 중 13곳이 상승을 기록했습니다.
S&P Dow Jones Indices (NYSE:SPGI) a publié les résultats de juin 2025 des S&P Cotality Case-Shiller Indices, révélant un changement notable sur le marché immobilier américain. L'indice national a affiché une hausse annuelle de 1,9%, la croissance la plus faible depuis 2023 et inférieure au taux d'inflation à la consommation de 2,7%.
Une transformation géographique est apparue : New York en tête avec +7,0%, suivie de Chicago (6,1%) et Cleveland (4,5%), tandis que d'anciens foyers de la pandémie reculent : Tampa (-2,4%), Phoenix (-0,1%) et Dallas (-1,0%). Les données mensuelles montrent une faiblesse, l'indice national reculant de 0,3% après ajustement saisonnier, malgré 13 des 20 zones métropolitaines ayant enregistré des gains avant ajustement.
S&P Dow Jones Indices (NYSE:SPGI) veröffentlichte die Ergebnisse der S&P Cotality Case-Shiller Indices für Juni 2025 und zeigt damit eine deutliche Verschiebung auf dem US-Immobilienmarkt. Der National Index verzeichnete ein jährliches Plus von 1,9%, das langsamste Wachstum seit 2023 und unterhalb der Verbraucherinflationsrate von 2,7%.
Es zeichnet sich eine geografische Umstrukturierung ab: New York führt mit 7,0% Wachstum, gefolgt von Chicago (6,1%) und Cleveland (4,5%), während ehemals boomende Pandemie-Hotspots zurückgehen: Tampa (-2,4%), Phoenix (-0,1%) und Dallas (-1,0%). Die Monatsdaten zeigen Schwäche: Nach saisonaler Bereinigung fiel der National Index um 0,3%, obwohl vor der Bereinigung 13 von 20 Metros Zuwächse verzeichneten.
- None.
- National home price growth (1.9%) falls below inflation rate (2.7%), eroding housing wealth in real terms
- Several major markets show price declines: Tampa (-2.4%), San Francisco (-2.0%), Dallas (-1.0%)
- All three headline composites declined after seasonal adjustment, indicating weak underlying demand
Insights
Housing market shows slowing price growth below inflation, with geographic leadership shifting from Sun Belt to industrial centers.
The latest S&P Cotality Case-Shiller Index reveals a significant deceleration in the housing market, with national home prices growing just
The data shows a remarkable geographic shift in market dynamics. Former pandemic boomtowns are cooling rapidly, with Tampa (
The seasonally-adjusted monthly data reveals underlying weakness despite seasonal buying patterns. The National Index declined
This housing cycle appears to be maturing toward inflation-parity growth rather than the wealth-generating engine of recent years. The regional rotation likely reflects more sustainable fundamentals: employment growth, relative affordability, and demographic shifts favoring established metros over speculative markets. While homeowners are no longer seeing the extraordinary appreciation of 2020-2022, this moderation suggests a healthier long-term trajectory where housing aligns more closely with broader economic fundamentals.
- The
U.S. National Index, the 20-City Composite, and the 10-City Composite continue to display growth with1.9% ,2.1% and2.6% , respectively. - Housing wealth erodes in real terms for second consecutive month, with home price gains of
1.9% trailing consumer inflation of2.7% . - Regional leadership flips as
New York (7.0% ) andChicago (6.1% ) outpace former pandemic darlingsTampa (-2.4% ) andPhoenix (-0.1% ).
More than 27 years of history are available for the data series and can be accessed in full by going to www.spglobal.com/spdji/en/index-family/indicators/sp-cotality-case-shiller.
ANALYSIS
"June's results mark the continuation of a decisive shift in the housing market, with national home prices rising just
"The geographic divergence has become the story's defining characteristic.
"For the first time in years, home prices are failing to keep pace with broader inflation," Godec observed. "From June 2024 to June 2025, the Consumer Price Index climbed
"The monthly patterns in June reveal a market caught between seasonal forces and underlying weakness. While 13 of 20 metros posted monthly gains before seasonal adjustment, the national index managed just
"Looking ahead, this housing cycle's maturation appears to be settling around inflation-parity growth rather than the wealth-building engine of recent years," Godec concluded. "The regional rotation from Sun Belt to traditional industrial centers likely reflects more sustainable fundamentals—employment growth, relative affordability, and demographic shifts that favor established metros over speculative markets. While this represents a loss of the extraordinary gains homeowners enjoyed from 2020-2022, it may signal a healthier long-term trajectory where housing appreciation aligns more closely with broader economic fundamentals rather than speculative excess."
YEAR-OVER-YEAR
The S&P Cotality Case-Shiller
MONTH-OVER-MONTH
The pre-seasonally adjusted
After seasonal adjustment, the
SUPPORTING DATA
Table 1 below shows the housing boom/bust peaks and troughs for the three composites along with the current levels and percentage changes from the peaks and troughs.
2006 Peak | 2012 Trough | Current | ||||||
Index | Level | Date | Level | Date | From Peak (%) | Level | From Trough (%) | From Peak (%) |
National | 184.61 | Jul-06 | 133.99 | Feb-12 | -27.4 % | 331.52 | 147.4 % | 79.6 % |
20-City | 206.52 | Jul-06 | 134.07 | Mar-12 | -35.1 % | 342.90 | 155.8 % | 66.0 % |
10-City | 226.29 | Jun-06 | 146.45 | Mar-12 | -35.3 % | 362.65 | 147.6 % | 60.3 % |
Table 2 below summarizes the results for June 2025. The S&P Cotality Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.
June 2025 | June/May | May/April | 1-Year | |
Metropolitan Area | Level | Change (%) | Change (%) | Change (%) |
252.09 | 0.0 % | 0.5 % | 0.9 % | |
354.03 | 0.3 % | 1.3 % | 4.2 % | |
Charlotte | 288.35 | 0.5 % | 1.1 % | 2.5 % |
222.32 | 1.0 % | 1.2 % | 6.1 % | |
202.13 | 0.4 % | 1.4 % | 4.5 % | |
299.12 | 0.1 % | 0.3 % | -1.0 % | |
321.62 | -0.3 % | 0.1 % | -0.6 % | |
198.64 | 0.6 % | 1.1 % | 4.3 % | |
305.78 | 0.0 % | 0.4 % | 2.4 % | |
447.16 | -0.4 % | -0.5 % | 0.1 % | |
441.62 | -0.2 % | -0.1 % | -0.2 % | |
248.83 | 0.7 % | 1.3 % | 2.5 % | |
335.27 | 0.4 % | 1.1 % | 7.0 % | |
329.03 | -0.5 % | 0.1 % | -0.1 % | |
335.64 | -0.2 % | 0.9 % | 1.0 % | |
446.25 | -0.3 % | 0.1 % | -0.6 % | |
359.71 | -1.0 % | 0.0 % | -2.0 % | |
401.00 | -0.4 % | 0.0 % | 0.9 % | |
378.94 | 0.3 % | 0.5 % | -2.4 % | |
338.33 | -0.5 % | 0.2 % | 2.2 % | |
Composite-10 | 362.65 | -0.1 % | 0.4 % | 2.6 % |
Composite-20 | 342.90 | 0.0 % | 0.4 % | 2.1 % |
331.52 | 0.1 % | 0.5 % | 1.9 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through June 2025 | ||||
Table 3 below shows a summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data. Since its launch in early 2006, the S&P Cotality Case-Shiller Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, S&P Dow Jones Indices publishes a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked.
June/May Change (%) | May/April Change (%) | |||
Metropolitan Area | NSA | SA | NSA | SA |
0.0 % | -0.5 % | 0.5 % | -0.2 % | |
0.3 % | 0.0 % | 1.3 % | 0.3 % | |
Charlotte | 0.5 % | 0.0 % | 1.1 % | 0.2 % |
1.0 % | 0.2 % | 1.2 % | 0.0 % | |
0.4 % | 0.0 % | 1.4 % | 0.0 % | |
0.1 % | -0.5 % | 0.3 % | -0.7 % | |
-0.3 % | -0.4 % | 0.1 % | -0.6 % | |
0.6 % | 0.0 % | 1.1 % | 0.1 % | |
0.0 % | -0.6 % | 0.4 % | -0.5 % | |
-0.4 % | -0.4 % | -0.5 % | -0.9 % | |
-0.2 % | -0.8 % | -0.1 % | -0.8 % | |
0.7 % | 0.1 % | 1.3 % | 0.0 % | |
0.4 % | 0.2 % | 1.1 % | 0.3 % | |
-0.5 % | -1.2 % | 0.1 % | -0.8 % | |
-0.2 % | -0.4 % | 0.9 % | 0.1 % | |
-0.3 % | -0.3 % | 0.1 % | -0.5 % | |
-1.0 % | -0.8 % | 0.0 % | -0.8 % | |
-0.4 % | -0.2 % | 0.0 % | -0.8 % | |
0.3 % | -0.1 % | 0.5 % | -0.4 % | |
-0.5 % | -0.6 % | 0.2 % | -0.6 % | |
Composite-10 | -0.1 % | -0.1 % | 0.4 % | -0.3 % |
Composite-20 | 0.0 % | -0.3 % | 0.4 % | -0.3 % |
0.1 % | -0.3 % | 0.5 % | -0.2 % | |
Sources: S&P Dow Jones Indices and CoreLogic | ||||
Data through June 2025 | ||||
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji.
FOR MORE INFORMATION:
Alyssa Augustyn
Americas Communications
(+1) 773 919 4732
alyssa.augustyn@spglobal.com
S&P Dow Jones Indices' interactive blog, IndexologyBlog.com, delivers real-time commentary and analysis from industry experts across S&P Global on a wide range of topics impacting residential home prices, homebuilding and mortgage financing in
The S&P Cotality Case-Shiller Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P Cotality Case-Shiller
These indices are generated and published under agreements between S&P Dow Jones Indices and Cotality, Inc.
The S&P Cotality Case-Shiller Indices are produced by Cotality, Inc. In addition to the S&P Cotality Case-Shiller Indices, Cotality also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by S&P Dow Jones Indices, represent just a small subset of the broader data available through Cotality.
Case-Shiller® and Cotality® are trademarks of Cotality Case-Shiller, LLC or its affiliates or subsidiaries ("Cotality") and have been licensed for use by S&P Dow Jones Indices. None of the financial products based on indices produced by Cotality or its predecessors in interest are sponsored, sold, or promoted by Cotality, and neither Cotality nor any of its affiliates, subsidiaries, or predecessors in interest makes any representation regarding the advisability of investing in such products.
View original content:https://www.prnewswire.com/news-releases/sp-cotality-case-shiller-index-records-annual-gain-in-june-2025-302539097.html
SOURCE S&P Dow Jones Indices
FAQ
What was the S&P Case-Shiller National Home Price Index annual gain in June 2025?
Which cities showed the highest and lowest home price growth in June 2025?
How does the June 2025 home price growth compare to inflation?
What is the current trend in regional housing markets compared to pandemic patterns?
How did the monthly home prices change in June 2025?
