Press Release
Spring starts with sluggish home price growth
The S&P Cotality Case-Shiller Home Price Index, formerly known as the S&P CoreLogic Case-Shiller Home Price Index, is a leading measure of U.S. residential real estate prices.
IRVINE, Calif., May 26, 2026 — The American housing market strolled into the spring season. Annual national home price growth slipped to 0.66% in March, cooling from the 0.75% pace recorded in February. Major metropolitan areas continue to lift up the rest of the country, with the 10-City Index remaining stronger than the national composite.
Tracking year-over-year home price growth
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (May 26, 2026)
“Buyers are rejecting current price tags, but sellers refuse to offer steep discounts. The result is in a standoff,” says Thom Malone, principal economist at Cotality. “Monthly price growth in March was the slowest since 2019. Sales were also low, indicating that sellers are still waiting for the rest of the economy to catch up with the housing market. Still, the modest appreciation points away from any immediate price drops and signals that buyers might be the ones who end up giving the most ground.”
A tepid kickoff for the buying season
March usually brings a burst of activity, but this year is failing to deliver the standard seasonal pop. This March was the slowest so far this decade. Month-over-month prices appreciated 0.7%, slightly behind the 0.8% average seen from 2015 to 2019.
Month-over-month price appreciation
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (May 26, 2026)
The Midwest and Northeast still lead the pack
Older, colder metros are still dominating the national leaderboard for property value growth. Chicago is outpacing the overall market with a 6.09% annual jump, which is noticeably hotter than its 5.02% gain in February. New York is holding its ground right behind the Windy City, maintaining a solid 4.01% year-over-year climb. Meanwhile, former hotspots on the West Coast are stalling out, with San Diego struggling to scrape together a 1% annual increase.
Big cities show mixed results in annual home price growth
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (May 26, 2026)
A slow March in most metros
Outside of a few isolated bright spots, shoppers are proving highly selective and unwilling to rush into purchases. San Francisco recorded a 2.04% jump for the month, which trails its pre-pandemic March average of 2.10%. Chicago is the exception to this sluggish trend, surging 2.17% and past its usual 0.93% historical benchmark.
Northern metros see resilience in monthly price gains
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (May 26, 2026)
Signs of a division by price tags Local dynamics were split in March. Premium properties are lifting the Boston market, where high-tier home prices swelled by 2.58% for the month. Chicago is firing on all cylinders, logging gains of more than 2.2% across both its most affordable and most expensive neighborhoods. Atlanta is experiencing a reverse dynamic, as entry-level homes appreciate at nearly double the speed of its luxury market.
High-end homes show resilient month-over-month appreciation
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (May 26, 2026)
The market remains in a holding pattern. Prices reflect homeowners who are clinging to the equity. But house hunters cannot stretch their budgets any further. This gridlock means homes are spending longer on the market and overall appreciation is flattening out. As the peak 2026 buying months approach, any major shifts will depend on whether sellers finally begin trimming asking prices. Any shift in that direction will likely be slow, so we can expect a housing market defined by minimal, single-digit price growth for the foreseeable future.
About Cotality
Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at cotality.com.
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