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by Calculated Risk on 8/14/2025 06:21:00 PM

From First American Chief Economist Mark Fleming Housing Market Returning to Reality as National Price Growth Cools Further in July, According to First American Data & Analytics Monthly Home Price Index Report

Highlights

• Annual house price appreciation is at the slowest rate since March 2012.

• House price growth reported in last month’s HPI for May 2025 to June 2025 was revised down by 0.1 percentage points, from -0.1 percent to -0.2 percent.

“It’s back to reality for national house price appreciation, as limited affordability, economic uncertainty and homeowners unwilling to enter the market and give up their low mortgage rates hinder demand amid a growing inventory of listings,” said Mark Fleming, chief economist at First American. “This supply-demand dynamic slowed annual home price growth nationally for the eighth straight month in July. National prices are now just 0.3 percent from their recent

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