S&P Cotality Case-Shiller Says Housing Market Entered a Period of Tepid Growth

Case-Shiller Reveals the New Reality: Tepid Growth Is the Signal

The latest S&P Cotality Case-Shiller U.S. National Home Price NSA Indexhas reported a 1.4% annual increase for November, 2025. Their 10-City Composite posted 2% increase year-over-year and their 20-City Composite posted a 1.4% year-over-year increase. They say the housing market has entered a period of tepid growth:

“High mortgage rates continue to cast a long shadow over housing…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.” Said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.