Home prices remained more than 50% higher in November than January 2020 levels, data released this week by government-sponsored mortgage investor Freddie Mac reveal.

Released on a monthly basis, Freddie Mac’s House Price Index (HPI) measures price trends by tracking repeat sales of the same properties, providing an alternative assessment from other indexes that track median or average prices.

Home prices nationwide have softened considerably over the course of 2025, as affordability constraints that continue to sideline prospective buyers erode the rapid price appreciation of recent years.

Home prices across 40 select metros tracked by Freddie Mac posted an average decline from peak prices of 2.7% in November. Price peaks vary across cities and regions.

In November, however, the largest declines from peak prices among the 325 of 389 cities that Freddie Mac says are below their recent price peaks were concentrated in Florida.

Five of the six largest declines occurred in the Sunshine State: Punta Gorda (-21.4%); Cape Coral (-14.4%); Sarasota (-10.5%); The Villages (-9.8%); and Naples (-8.9%).

Home prices across the 40 select metros were 4.6% higher year over year on average in November, but just 0.71% higher than the previous month. Despite softening gains this year, only two of the 40 select metros tracked by Freddie Mac were lower than November 2022 levels: the Texas cities of Austin and San Antonio.

Still boasting prices 35% higher than in January 2020, homes in Austin were priced more than 18% lower in November than their peak in May 2022. Prices were down 6% from November 2024 and 3.8% month over month.

San Antonio home prices are 4.3% off their recent peak, and 0.6% lower than November 2022, reflecting consistent price softening impacting that city. San Antonio prices were down 2.7% yearly and 1.2% monthly in November.

Home prices in Tampa, Fla., have experienced a similar trend. Tampa home prices in November were 5.3% off their recent peak, 4.1% lower than a year ago and 3.5% lower than October.

After Austin and Tampa, prices declined most dramatically year over year in San Francisco, San Antonio and Jacksonville, Fla., sliding 3%, 2.7% and 2.6%, respectively. Exactly half of the 40 major metros experienced price declines from October to November, but only eight observed annual price declines.

Home prices in Providence, R.I., and Charlotte, N.C., have demonstrated some of the strongest price resilience, however, each more than 70% higher than January 2020 levels and only 0.2% and 0.5% below recent peaks.

Providence prices were 11.7% higher annually in November, while Charlotte was up 5.3%, as each city defied the national cooling trend.

New York and Philadelphia posted peak prices in November, up 60.8% and 62.2% from January 2020 levels, respectively. Homes resold in New York in November posted 13.4% gains from the previous year and 5.2% gains from October, while Philadelphia prices posted respective yearly and monthly gains of 10.5% and 4.8%.