November remained seasonally slow but improved over October, with Western markets continuing to drag


Home prices mostly moved sideways starting in late summer through the end of 2024, a trend that may continue into the early months of 2025. While the surge in mortgage rates following the election cooled some homebuying demand seen earlier in the fall, winter months are generally seasonally slow for the housing market. Thus, with most of the home appreciation happening earlier in the year, 2024 ended below 2023 for overall appreciation, though there were notable variations across regions. The Northeast led with more than 7% total appreciation, while the South lagged, down by an average of 2%.
November marked the first month of reversal of slowing annual appreciation (Figure 1). With home prices mostly flattening out during the seasonally slow time of the year for the housing market, the CoreLogic S&P Case-Shiller Index ticked back up to 3.8% from last month’s annual 3.6% gain. The index annual gains last peaked at 6.5% in both February and March of 2024. Additional annual cooling is expected though the middle of next year before home price growth picks up again. The year-over-year slowdown in the index expected through 2025 is partially due to the comparison with strong price gains seen in the spring of 2024. The latest CoreLogic’s latest Home Price Index report forecasts gains slowing to 1% by June before picking back up. Overall appreciation for 2025 is also expected to remain lower than in 2024, averaging about 2.5% nationally.
In November, six of the 20 metros saw slowing price growth year over year compared with the previous month (Figure 3). Tampa, Florida posted the largest cooling in annual gains compared with the month before, followed by Cleveland; Las Vegas and Charlotte, North Carolina. By contrast, 14 metros saw annual gains accelerate from the month before, led by Boston; Portland, Oregon and Seattle. New York; Chicago and Washington, D.C. led the 20-city index annual gains, with respective gains of 7.3%, 6.2% and 5.9%. Ten metros saw annual price gains that were higher than the national 3.9% increase. Tampa, Denver and Dallas, remained the slowest-appreciating markets in the 20-city index, with only Tampa recording an annual decline of -0.4%.
“The CoreLogic S&P Case-Shiller Index reversed course in November, posting a 3.8% year-over-year, after seven months of consecutively lower annual gains.” said CoreLogic Chief Economist Dr. Selma Hepp.” Home prices have mostly been moving sideways starting in late summer through the end of 2024, a trend that may continue into early months of 2025. While surge in mortgage rates following the election cooled some home buying demand seen earlier in the fall, winter months are generally seasonally slow for the housing market. Nevertheless, November reversal of slowing annual gains is a reminder that there are buyers who remain active despite high mortgage rates, even in markets that are relatively more unaffordable, such as markets in the Northeast, and Miami and Los Angeles,” Hepp said

With home prices continuing to record a slight pullback nationally from October to November, down by 0.1% from -0.2% in October, most metro areas also saw monthly declines either shrink or reverse to positive changes in November.
Boston, Miami and New York posted monthly increases. Also, Cleveland and Chicago saw stronger price gains than their pre-pandemic averages in November.
By contrast, month-over-month home price declines were led by markets in the West and the South: San Francisco, Seattle, Tampa, Dallas and Denver, all recorded -0.5% drops or larger in November.
Figure 4 summarizes the current year’s monthly changes in November compared with averages recorded between 2015 and 2019. At the end of 2024, areas in the Northeast topped the list withr stronger appreciation. Notably, unlike continued weakness in San Francisco, Los Angeles’s monthly change remained relatively flat, making it one of the stronger Western markets.
Affordability remains considerably more limited in Western markets despite these areas seeing a notable increase in for-sale inventoryurthermore, home prices in Southern California are expected to be impacted by recent wildfires, particularly in markets adjacent to the affected communities and markets that are comparably priced – for example households from Pacific Palisades are likely seeking shelter and housing options in similarly priced markets.

Looking ahead, early housing market indicators suggest that the 2025 spring homebuying season may look very similar to 2024 – while more inventory is in sight, affordability remains challenging and indicates that home price appreciation will continue to slow, averaging about 2.5% for the year.
November marked the first month of reversal of slowing annual appreciation (Figure 1). With home prices mostly flattening out during the seasonally slow time of the year for the housing market, the CoreLogic S&P Case-Shiller Index ticked back up to 3.8% from last month’s annual 3.6% gain. The index annual gains last peaked at 6.5% in both February and March of 2024. Additional annual cooling is expected though the middle of next year before home price growth picks up again. The year-over-year slowdown in the index expected through 2025 is partially due to the comparison with strong price gains seen in the spring of 2024. The latest CoreLogic’s latest Home Price Index report forecasts gains slowing to 1% by June before picking back up. Overall appreciation for 2025 is also expected to remain lower than in 2024, averaging about 2.5% nationally.
“The CoreLogic S&P Case-Shiller Index reversed course in November, posting a 3.8% year-over-year after seven months of consecutively lower annual gains, Home prices have mostly been moving sideways starting in late summer through the end of 2024, a trend that may continue into early months of 2025,” said Dr. Selma Hepp, chief economist for CoreLogic. ”While the surge in mortgage rates following the election cooled some home buying demand seen earlier in the fall, winter months are generally seasonally slow for the housing market.” Nevertheless, the November reversal of slowing annual gains is a reminder that there are buyers who remain active, despite high mortgage rates, even in markets that are relatively more unaffordable, such as markets in Northeast, and Miami and Los Angeles,” said Hepp.


While the end of 2024 was unexciting for housing markets, expectations for 2025 are buzzing with anticipation and uncertainty, particularly the Federal Reserve moves and the impact on mortgage rates which are expected to remain elevated thought the year. Normalization of housing markets continues to hinge on mortgage rates, which in addition to remaining elevated, are likely to be characterized by continued volatility.
But for-sale inventories are expected to continue to build, which will provide more options, a better balance between buyers and sellers and less pressure on home prices. And while the year ended with a significant pullback in available for-sale listings, January is already starting on a higher note, suggesting that inventory will not be the same drag that it has been in previous years. Nevertheless, the pressure of elevated, non-fixed homeownership costs — such as insurance and taxes — will continue to weigh down some markets that already weakened considerably in 2024. Taken together, the coming spring homebuying season may not see the heated competition that it did over the last few years but could post some increase in the number of homes sold. Additionally, the continued market bifurcation may mean that very different trends emerge across the U.S. and cause home prices to follow divergent paths.
©2025 CoreLogic, Inc. All rights reserved. The CoreLogic content and information in this blog post may not be reproduced or used in any form without express written permission. While all of the content and information in this blog post is believed to be accurate, the content and information is provided “as is” with no guarantee, representation, or warranty, express or implied, of any kind including but not limited to as to the merchantability, non-infringement of intellectual property rights, completeness, accuracy, applicability or fitness, in connection with the content or information or the products referenced and assumes no responsibility or liability whatsoever for the content or information or the products referenced or any reliance thereon. CoreLogic® and the CoreLogic logo are the trademarks of CoreLogic, Inc. or its affiliates or subsidiaries. Other trade names or trademarks referenced are the property of their respective owners.