Softening home price growth
The pace of home value growth finally normalized since the historical highs of 2020 and 2021.
Overall, U.S. home prices rose 1% year-over-year in November (while dipping 0.1% month-over-month), according to Cotality. But that ranged by about 10 percentage points across the country.
See which states saw the largest and smallest rates of home price growth.
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Since skyrocketing from the extreme demand of rock-bottom mortgage rates in 2020 and 2021, the pace of housing value growth continues to decelerate.
Single-family home prices declined 0.1% monthly and grew 1% annually in November, according to Cotality’s Home Price Index (HPI).
“As 2025 concluded, the housing market transitioned from a year of moderation to a 2026 landscape defined by cautious optimism,’ said Selma Hepp, chief economist at Cotality. “While the broader market stabilizes, Cotality experts are seeing the immediate impact of shifting federal priorities. Specifically, Washington, D.C. has surged to the second-fastest-depreciating market—up from sixth just a month ago—likely reflecting the early footprints of DOGE initiatives.”
Cotality forecast national prices to stay flat going into December and grow 4.3% by November 2026.
At the state level, Wyoming paced the nation with a 7.64% annual gain. New Jersey (5.66%), Nebraska (5.41%), Illinois (5.30%), and Connecticut (4.96%) rounded out the top five. Eight states/districts posted annual declines (steady from eight in October), with Florida falling furthest (-2.64%). Above that came Washington, D.C. (-1.93%), Texas (-1.82%), Colorado (-0.76%), and Arizona (-0.76%).
On a month-over-month basis, New Jersey properties saw the biggest boost, rising 0.98%. Behind that came Delaware (0.79%), Indiana (0.77%), West Virginia (0.75%), and D.C. (0.59%). A total of 27 locales experienced monthly drops in November (down from 34 in October), with New York’s 1.08% decrease topping the list. Following were Alaska (-0.79%), Montana (-0.76%), Kentucky (-0.72%), and Maine (-0.65%).
“Looking ahead to 2026, regional differences will remain pronounced, with demand favoring areas that offer both economic opportunity and relative affordability,” Hepp said.
The table below shows every state’s HPI changes for November 2025, according to Cotality:
| State | Month-Over-Month % | Year-Over-Year % | Forecasted Month-Over-Month % | Forecasted Year-Over-Year % |
| Alabama | 0.01% | 1.36% | 0.09% | 4.46% |
| Alaska | -0.79% | 3.43% | 0.14% | 7.09% |
| Arizona | 0.27% | -0.76% | 0.18% | 4.72% |
| Arkansas | 0.04% | 1.75% | 0.10% | 3.63% |
| California | 0.04% | -0.18% | -0.12% | 6.29% |
| Colorado | -0.31% | -0.76% | -0.23% | 4.55% |
| Connecticut | -0.35% | 4.96% | -0.10% | 4.29% |
| Delaware | 0.79% | 1.95% | -0.19% | 3.65% |
| District Of Columbia | 0.59% | -1.93% | 0.20% | 5.25% |
| Florida | -0.01% | -2.64% | 0.07% | 5.65% |
| Georgia | 0.07% | 1.12% | 0.03% | 4.32% |
| Hawaii | -0.10% | 0.51% | 0.08% | 6.87% |
| Idaho | -0.36% | 0.94% | -0.15% | 4.98% |
| Illinois | 0.07% | 5.30% | 0.01% | 3.85% |
| Indiana | 0.77% | 3.65% | 0.21% | 2.56% |
| Iowa | -0.26% | 3.06% | 0.01% | 4.21% |
| Kansas | 0.06% | 3.63% | -0.09% | 3.32% |
| Kentucky | -0.72% | 2.38% | -0.07% | 3.70% |
| Louisiana | 0.56% | 0.23% | 0.39% | 4.18% |
| Maine | -0.65% | 1.86% | -0.11% | 3.79% |
| Maryland | -0.09% | 0.86% | -0.14% | 4.73% |
| Massachusetts | 0.04% | 3.08% | -0.01% | 4.78% |
| Michigan | -0.25% | 3.68% | -0.19% | 2.84% |
| Minnesota | -0.22% | 2.17% | -0.21% | 3.67% |
| Mississippi | 0.05% | 2.46% | 0.17% | 4.51% |
| Missouri | -0.06% | 2.44% | -0.04% | 3.53% |
| Montana | -0.76% | 1.30% | -0.04% | 4.87% |
| Nebraska | 0.55% | 5.41% | 0.12% | 3.47% |
| Nevada | 0.35% | 0.84% | 0.08% | 4.87% |
| New Hampshire | -0.35% | 2.32% | -0.12% | 4.27% |
| New Jersey | 0.98% | 5.66% | 0.02% | 3.92% |
| New Mexico | 0.04% | 1.60% | -0.37% | 3.36% |
| New York | -1.08% | 1.93% | -0.42% | 4.63% |
| North Carolina | -0.02% | 1.36% | 0.04% | 4.35% |
| North Dakota | 0.13% | 2.91% | 0.17% | 4.66% |
| Ohio | -0.20% | 3.54% | -0.17% | 2.21% |
| Oklahoma | 0.23% | 2.20% | 0.10% | 3.52% |
| Oregon | -0.52% | -0.35% | -0.15% | 5.92% |
| Pennsylvania | 0.18% | 4.19% | -0.06% | 3.05% |
| Rhode Island | 0.56% | 4.04% | 0.14% | 3.89% |
| South Carolina | -0.17% | 1.38% | 0.05% | 4.46% |
| South Dakota | -0.23% | 3.30% | 0.08% | 4.78% |
| Tennessee | -0.45% | 1.25% | -0.03% | 4.42% |
| Texas | -0.38% | -1.82% | -0.01% | 3.45% |
| Utah | -0.53% | -0.12% | -0.29% | 4.79% |
| Vermont | -0.28% | 1.13% | -0.12% | 5.03% |
| Virginia | 0.18% | 2.19% | 0.13% | 4.04% |
| Washington | -0.53% | 0.59% | -0.24% | 5.79% |
| West Virginia | 0.75% | 4.33% | 0.07% | 4.17% |
| Wisconsin | 0.09% | 4.65% | -0.05% | 3.27% |
| Wyoming | -0.11% | 7.64% | 0.20% | 4.71% |
Advice for home buyers
Whether you’re a buyer or seller, navigating the housing market and its prices can be challenging.
When you’re shopping for property, you should know what to look for, what advice to take, and how to negotiate before putting offers on a house. And you should always see what financial assistance you may qualify for.
If you’re ready to become a homeowner, reach out to a local mortgage lender and get started.
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