First American Financial Corporation has released its September 2025 Home Price Index report, providing a detailed analysis of home price trends across the United States. According to the report, national house prices have experienced a modest decline, now standing 0.7 percent below their peak in May as the market adjusts to affordability constraints and improving inventory. Annual price appreciation has slowed to its slowest pace since 2012, marking ten consecutive months of cooling. Regionally, the report highlights that while the Northeast and Midwest continue to see house price growth, many Sun Belt markets are experiencing decreases and relinquishing some of the gains made during the pandemic boom. The Dallas-Plano-Irving metro area, for example, posted a 1.4 percent year-over-year decline in its Home Price Index from September 2024 to September 2025, with no significant movement detected month over month. Nationally, prices are up 1.1 percent year over year. The analysis segments home price changes into starter, mid-tier, and luxury categories, offering a nuanced view of market dynamics. The report underscores increased choices and negotiating power for buyers, especially as price appreciation slows and inventory levels rise.