Just out from S&P:

Year-Over-Year

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions,reported a 0.9% annual gain in January, down from a 1.1% rise in the previous month.
The 10-City Composite saw an annualincrease of 1.7%, down from a 2.0% increase in the previous month. The 20-City Composite posted a year-over yearincrease of 1.2%, down from a 1.4% rise in the previous month.
Chicago, New York and Cleveland reported the highest year-over-year gains with year-over-year price increases of 4.6%, 4.9% and 3.6%, respectively.
Tampa extended itsdecline to -2.5% year over year.
Month-over-Month

The National Index saw a drop of 0.1% month-over-month, the 20-City Composite decreased 0.1% and the 10-City Composite decreased 0.03%before seasonal adjustment in January 2026.
After seasonal adjustment,the U.S. National, 10-City Composite, and 20-City Composite Indices each reported a monthly increase of 0.2%.
Historical

Measured from its June2022 peak, the 10-City Composite is up 8.2%.
The 20-City Composite is up by 5.60%.
The National Index is up 6% from its June 2022 peak.

After the numbers, the markets held early gains.

Today’s column is here.

~ure