November 28, 2025 | Mark Luis Foster

I hope you all had a wonderful Thanksgiving! Seems Mother Nature tried to deliver a stumbling block for some of us, with more snow on the way this weekend. Tis the season for HOA trigger amounts.

And while we’re at it, we took a look at recent data on home prices at the same time sales slow down during the holidays. Turns out that in 20 major US markets that are tracked by the Standard & Poor’s CoreLogic Case–Shiller Home Price Index, home values have dropped in 11 of them. But Minneapolis has seen an uptick.

From Realtor.com:

Tampa, FL, and Phoenix continued to see the largest year-over-year declines in home prices, with prices falling 4.14% and 2.02%, respectively.

We’ve blogged a lot about Florida, only because there has been major shifts there in buying and selling trends due to higher insurance, increased HOA fees, and other factors, which is causing some homebuyers to simply walk away (HERE).

But while southern tier states see a drop in value, there are other markets experiencing some home value gains.  We included the chart from the report, below.

Meanwhile, Chicago saw the biggest annual gain in home prices, which rose 5.45% and outpaced the 5.25% gain in New York City, which had led the nation in price appreciation for several months in a row.

Minneapolis, according to the report, also experienced a gain, a modest one, of 2.37%, which is just above the national index of +1.29%.  Other markets in positive territory are Boston and Cleveland.

The report says that in September, though, all 20 tracked metros recorded monthly declines in home values before seasonal adjustment, underscoring the broad-based weakness in the housing market as affordability challenges continue to weigh on demand.

“The housing market’s deceleration accelerated in September,” says Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “With mortgage rates stubbornly elevated and affordability at multi-decade lows, the market appears to be settling into a new equilibrium of minimal price growth—or, in some regions, outright decline.”

Trying to interpret all this data came down to this statement in the report: It means that home prices are now falling marginally on a real, or inflation-adjusted, basis, delivering a modest improvement in affordability to prospective buyers.

You can wade through the data HERE.