Both the FHFA and the S&P CoreLogic Case-Shiller indices published updated home-price data this week. The takeaway remains the same: prices are rising year-over-year, but at an increasingly slow rate. Case Shiller–the more volatile index–is at the lowest pace in more than 2 years while the broader FHFA index is the lowest since 2012 in year-over-year terms.   FHFA House Price Index (seasonally adjusted, MoM)
June: −0.2%; May was revised to −0.1% from unchanged
YoY: +2.9% from June 2024 to June 2025
All nine census divisions remained positive YoY, with gains ranging from +0.7% in the Mountain division to +6.7% in the Middle Atlantic. Case-Shiller National Index (unadjusted)
YoY: +1.9% in June, down from +2.3% in May
MoM (non seasonally adjusted): +0.4%
MoM (seasonally adjusted): −0.3%
The 20-City Composite posted a −0.3% MoM decline (SA) and a +2.1% YoY gain. The 10-City Composite was slightly firmer at −0.1% MoM and +2.6% YoY. Seasonally Adjusted Comparison:

Index
MoM (SA)
YoY

FHFA HPI
−0.2%
+2.9%

Case-Shiller
−0.3%
+1.9%

Non-seasonally adjusted Case-Shiller readings still show the usual spring/summer uptick, but once adjusted for seasonality the underlying trend is negative. FHFA data also points to weakening, with its second consecutive month of declines.