First American Financial Corporation has released its May 2025 Home Price Index $(HPI)$ report, revealing a slowdown in national house price appreciation to its slowest rate since 2012. The report, which tracks home price changes at various levels, indicates that the New York-Jersey City-White Plains area experienced a 4.6% year-over-year increase. This slower price growth is attributed to rising mortgage rates in April and May, which reduced affordability and tempered demand, while an increase in the supply of homes for sale further impacted price appreciation. Despite these challenges, the slower national price appreciation is helping household incomes offset the effects of elevated mortgage rates, offering some relief to potential buyers. The report highlights significant year-over-year increases in home prices in markets like Cambridge, Pittsburgh, and Cincinnati, while areas such as Oakland and Tampa saw declines. The next HPI report is scheduled for release the week of July 14, 2025.