Dec 16, 2025
U.S. Price Softening
Nationally, the Freddie Mac Home Price Index (FMHPI, seasonally adjusted) has been declining since March 2025. The index value, which stood at 299 in March, decreased by 0.03% to 298 in October. On a year-over-year basis, the FMHPI declined by 1% in October.
At the state-equivalent level, the District of Columbia recorded the highest index value at 411, while Miami posted the lowest value at 208 in October. In North Carolina, the FMHPI declined from 289 in March to 284 in October 2025, with home prices consistently falling since March. The index has returned to levels last observed in October 2024. A similar pattern is observed in the Charlotte–Concord–Gastonia CBSA, where the FMHPI reached 314 in October, representing less than a 1.5% decline from March. However, prices in this region have also reverted to their earlier levels.
In contrast, Georgia exhibits price dynamics that differ from both the national trend and its regional counterparts. Home prices in October 2025 were below both the previous year and the March 2025 peak by 0.4% and 0.5%, respectively. Nevertheless, prices have shown a modest upward movement over the past two months. Similarly, in the Atlanta–Sandy Springs–Roswell metropolitan area, home prices declined by 1.1% year-over-year but have increased slightly in the most recent two months, consistent with statewide trends.
The S&P CoreLogic Case-Shiller Home Price Indices reported a 1.29% year-over-year increase at the national level in September, down from a 1.4% increase in the previous month. Despite this annual gain, prices have fallen by 0.82% since June. All 20 metropolitan areas recorded month-over-month declines before seasonal adjustment in September, indicating broad-based weakening as elevated mortgage rates continue to weigh on affordability and housing demand.
Due to delays in data release from the U.S. Census Bureau, the most recent available figures pertain to August, which showed relatively favorable conditions. According to the Census Bureau’s New Residential Sales data, the average sales price nationwide was $534,100 in August, while the median sales price stood at $413,500. However, other widely used housing price indicators suggest that prices have declined following August.
Description: FMHPI (Federal Housing Finance Agency House Price Index): Tracks changes in U.S. home prices, offering insights into long-term housing market trends. The S&P CoreLogic Case-Shiller Home Price Indices: Measures home price changes in major metropolitan areas, providing a benchmark for property value trends. New Residential Sales Prices: Reports on the average and median sales prices of new homes sold, reflecting recent activity in the housing market.
