National home prices grew modestly in 2025, with a 1.3 percent annual increase, the weakest since 2011, according to the latest Case-Shiller Index.
The big picture: Inflation outpaced home price appreciation from June 2025 onward, eroding real home values through year-end and reversing a decade-long trend of positive real returns.
Chicago (+5.3 percent), New York (+5.1 percent), Cleveland (+4 percent), and Minneapolis (+2.7 percent) led all markets for the full year. Tampa (-2.9 percent), Denver (-2.1 percent), Phoenix (-1.5 percent), Dallas (-1.5 percent), and Miami (-1.5 percent) posted the steepest declines.
