Home Prices Rose in 71% of Metro Markets in Q1

Washington, DC, May 5, 2026-Home prices rose in 71% of metro markets (167 out of 235) during Q1 2026, according to the National Association of Realtors’ latest quarterly report. This is down from 73% in Q4. Seven percent of metro areas (16 out of 235) recorded double-digit price gains, up from 5% last quarter.

The national median single-family existing-home price rose 0.5% year-over-year to $404,300, down from 1.2% annual growth in the fourth quarter.

Median existing single-family home price by region (year-over-year change)

Northeast: $506,500 (+4.9%)
Midwest: $308,100 (+3.6%)
South: $362,300 (+0.2%)
West: $607,600 (-2.9%)

“Home prices continued to increase in many markets, boosting housing wealth for most homeowners,” said NAR chief economist Dr. Lawrence Yun. “Gains were particularly solid across metro areas in the Northeast, where inventory shortages persist, and in the Midwest, where home prices remain relatively affordable. However, the expensive West region did not see an increase in sales.”

“The condominium market, which weakened sharply last year, is showing signs of stabilization and, in some metro areas, even outperforming the single-family market in terms of price gains,” Yun said. “Improved affordability is drawing buyers back to the condo market.”

“Even though mortgage rates are higher than earlier this year, rates remain comfortably below last year’s levels,” Yun continued. “Lower mortgage rates will allow more potential buyers to qualify for and obtain a mortgage.”

Ten large markets with biggest year-over-year median price increases

Akron, Ohio (+12.0%)
Anchorage, Alaska (+10.4%)
Albany-Schenectady-Troy, N.Y. (+9.3%)
Trenton, N.J. (+9.2%)
Davenport-Moline-Rock Island, Iowa-Ill. (+9.2%)
Canton-Massillon, Ohio (+7.9%)
Milwaukee-Waukesha-West Allis, Wis. (+7.7%)
St. Louis, Mo.-Ill. (+7.4%)
Reading, Pa. (+7.4%)
Rochester, N.Y. (+7.2%)

Ten most expensive markets

San Jose-Sunnyvale-Santa Clara, Calif. ($2,030,000; +0.5%)
Anaheim-Santa Ana-Irvine, Calif. ($1,442,900; -0.5%)
San Francisco-Oakland-Hayward, Calif. ($1,350,000; +2.3%)
Urban Honolulu, Hawaii ($1,175,100; +0.9%)
San Diego-Carlsbad, Calif. ($1,050,000; +1.3%)
San Luis Obispo-Paso Robles, Calif. ($956,800; +0.4%)
Oxnard-Thousand Oaks-Ventura, Calif. ($944,200; +1.4%)
Salinas, Calif. ($943,500; -1.2%)
Los Angeles-Long Beach-Glendale, Calif. ($858,500; -0.5%)
Naples-Immokalee-Marco Island, Fla. ($845,000; -2.3%)

Housing affordability

27% of markets experienced declining home prices: Up from 25% last quarter, Up from 17% last year
$1,979: monthly mortgage payment on a typical existing single-family home with a 20% down payment: $78 decrease from last quarter , $140 decrease from last year
21.5%: average share of income that typical families spent on mortgage payments: Down from 22.9% last quarter, Down from 24.3% last year

First-time buyers

$1,943: the monthly mortgage payment for a typical starter home valued at $343,700 with a 10% down payment: $76 decrease from last quarter, $135 decrease from last year
32.5%: share of income first-time buyers spent on monthly mortgage payments: Down from 34.6% last quarter, Down from 36.6% last year

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