The index rose just 1.7% from July 2024 to July 2025, sliding from 1.9% annual growth in June and 2.3% growth in May. “Metros in the West and the South bore the brunt of the slowdown, with Tampa, Miami, San Francisco and Dallas all experiencing annual declines of more than one percentage point,” noted Thom Malone, principal economist at Cotality. The HPI’s 10-city and 20-city composite indexes posted monthly declines but annual gains of 2.3% and 1.8%, respectively. New York, Chicago and Cleveland led among major U.S. metros with annual appreciation of 6.4%, 6.2% and 4.5%, respectively. Cotality also noted that the widespread nature of the home price softening “suggests that market weakness will continue for the rest of 2025.”Only four of the 20 major metros tracked by the S&P Cotality Case-Shiller HPI posted annual home price declines in May — Tampa, San Francisco, Denver and Dallas.