S&P Global Inc. has released its latest S&P Cotality Case-Shiller Index report, revealing a continued slowdown in the U.S. housing market. For September 2025, the U.S. National Home Price NSA Index posted a modest 1.3% annual gain, down from 1.4% the previous month, marking the weakest year-over-year growth since early 2023. Inflation outpaced home price appreciation for the fourth consecutive month, with the Consumer Price Index running 1.7 percentage points higher than housing prices-the widest gap since the two measures began diverging in June. All 20 major metropolitan areas tracked by the index saw month-over-month declines before seasonal adjustment, reflecting broad-based softening as high mortgage rates continue to erode affordability and dampen demand. Notably, Chicago, New York, and Boston led with the strongest annual gains, while Tampa experienced the largest decline. S&P Global analysts indicate that the market appears to be stabilizing into a period of minimal price growth or outright declines in some regions, as persistent affordability pressures and elevated borrowing costs weigh on the sector.