Press Release
Home price growth continues to slow in February
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., April 28, 2026 — The U.S. housing market is finding a new equilibrium dominated by slower home price growth. The rapid appreciation of years past has faded, and the market tapped the brakes again in February 2026. National annual home price growth edged down to 0.7%; another small step back from the 0.8% pace seen in January. Major cities still outpace most metros, with the 10-City composite up 1.5% and the 20-City index rising 0.9% year-over-year.
Annual home price growth remains weak
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (April 28, 2026)
“Sales remain low, inventory is slowly rising, and prices are stalling — all classic markers of a mismatch between list prices and willingness to pay,” says Thom Malone, principal economist at Cotality. “Many homeowners are still ‘locked in’ to low mortgage rates from the early 2020s, allowing them to wait for buyers to meet their price. However, this patience will have an expiration date. As property taxes and insurance costs climb, or life circumstances force a move, the pressure to sell will build. This spring is a critical test. Sellers who sat out last year are relisting, and we may finally see the desperation required to trigger meaningful price cuts.”
February gains surpass seasonal norms
February delivered a surprise. National prices climbed 0.3% over the previous month, beating the 0.2% average seen between 2015 and 2019. This suggests that buyers are still active even if high borrowing costs are pushing them to be more selective than in previous years.
Month-Over-Month price appreciation inches up
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (April 28, 2026)
Chicago and New York retain the crown
The Midwest and East Coast are currently the engines of national home price growth. Chicago leads with a sturdy 5% annual increase, while New York and Cleveland follow closely at 4.7% and 4.2% growth. Prices in the Sunbelt and the West — where most hot markets were previously — are now losing ground. Denver and Tampa saw prices fall roughly 2% compared to the same time last year.
Big cities show mixed results in annual home price growth
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (April 28, 2026)
San Francisco and luxury tiers see a winter surge
San Francisco far exceeded its usual February performance, with prices jumping 1.9% from last month.
Major metros show resilience in monthly price gains
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (April 28, 2026)
Strong markets were visible in nine major metros where prices rose across every price tier from low to high. The luxury market was particularly resilient, with Chicago reporting a 1% monthly gain and high-end homes in San Diego seeing a 1.3% value spike.
High-end homes show resilient month-over-month appreciation
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (April 28, 2026)
The current housing landscape is in a strategic standoff. Sellers are fighting to preserve their massive equity gains, while buyers are hitting a wall of record-high unaffordability. This has created a bottleneck where days on market is increasing while price growth falls flat.
Heading into the peak 2026 season, the market is at a crossroads. The big question is whether there will be a shift in seller psychology going forward.
If those who failed to sell last year decide they can no longer wait, their willingness to slash prices could pull the market downward. Alternatively, if buyers return with improved financing and stronger savings, we could see prices buoyed by renewed demand. The most likely path forward is a gradual thawing — a slow return to movement where the market finds its footing with modest, single-digit price growth.
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.
Media Contacts
Charity Head
