“Regional results reflected the same narrowing pattern, but with stark geographic divergence,” Godec said. “New York retained the top spot with a 7.4% annual gain, followed by Chicago (6.1%) and Detroit (4.9%), continuing the Midwest and Northeast leadership that has defined 2025. At the other end of the spectrum, Tampa declined 2.4% year over year, marking its seventh consecutive month of annual declines.
“Several Western markets posted minimal or negative gains: Los Angeles rose just 1.1%, San Diego 0.4%, Phoenix 0.9%, and San Francisco turned negative at -0.6%, reflecting persistent weakness in markets that experienced the sharpest pandemic-era run-ups.”
High rates blamed
Monthly numbers showed broad price decreases in many metropolitan areas, as buyer hesitancy is keeping demand lower than expected.
“Monthly trends also signaled broad-based fatigue,” Godec said. “All three headline indices rose just 0.4% on a non-seasonally adjusted basis, the slowest monthly gain since January. After seasonal adjustment, each declined 0.3%, marking the third consecutive month of seasonally adjusted declines for the National Composite.
“Only four cities – Cleveland, Minneapolis, Charlotte, and Tampa – showed month-over-month acceleration, pointing to waning momentum breadth even as most cities still registered nominal gains.”
