First American Financial Corporation has released its September 2025 Home Price Index $(HPI)$ report, highlighting ongoing shifts in the U.S. housing market. According to the analysis, national house prices are now 0.7 percent below their May peak, reflecting a cooling market as affordability constraints and improving inventory impact demand. Annual house price appreciation has slowed for 10 consecutive months, with prices rising just 1.1 percent year-over-year and declining 0.1 percent month-over-month from August to September 2025. The report reveals significant regional differences, with house prices declining year-over-year in 19 of the 30 largest metropolitan areas tracked. Notably, Oakland, California saw a 7.4 percent drop, Tampa, Florida fell 5.9 percent, and Phoenix decreased by 4.5 percent. While many Sun Belt markets have given up some of their pandemic-era gains, the Northeast and Midwest continue to experience price growth. The report segments local markets into starter, mid, and luxury tiers, providing a detailed view of market dynamics across different price points.