Preliminary Year-over-Year (YoY) HPA was 1.6% in November 2025, the same as a month ago, and down from 4.1% in November 2024 and 5.8% in November 2019. November 2025 has one of the lowest rates of YoY HPA we have recorded since our series start in 2013, as elevated home prices during the pandemic, higher interest rates since 2022, and a diminishing pool of qualified entry-level buyers are fueling a reversion of pricing to the mean, especially in metros in the South and West. Based on an analysis of ICE data, YoY HPA is projected to be 1.6% in December and 1.4% through the first two weeks of January (due to the availability of November 2025 HPA, these projections are slightly higher than those included in the Housing Finance Watch (Week 50)).