February 5, 2026 – WASHINGTON – Home prices rose in 73% of metro markets (168 out of 230) during the fourth quarter of 2025, according to the National Association of REALTORS®’ latest quarterly report. This is down from 77% in the third quarter. Five percent of metro areas (12 out of 230) recorded double-digit price gains, up slightly from 4% last quarter. The report provides the real estate ecosystem—including agents and homebuyers and sellers—with quarterly metro-area data on median home prices and housing affordability.
The national median single-family existing-home price grew 1.2% year over year to $414,900, down from 1.7% annual growth in the third quarter.
Median existing single-family home price by region (year-over-year change)
- Northeast: $514,600 (+5.5%)
- Midwest: $317,100 (+4.3%)
- South: $367,300 (+0.2%)
- West: $625,800 (-1.2%)
“Home sales squeaked out a gain in the final quarter of 2025, helped by improving affordability conditions,” said NAR Chief Economist Lawrence Yun. “Mortgage rates fell, income growth outpaced home price growth, and the income required to buy a typical home declined.”
“While most metro markets continue to see record-high housing wealth, some areas are experiencing home price declines,” Yun added. “These declining markets are concentrated primarily in Florida and Texas, where robust supply and recent home construction are increasing competition among sellers to attract buyers.”
10 large markets with biggest year-over-year median price increases
- Mobile, Ala. (+13.7%)
- Canton-Massillon, Ohio (+9.8%)
- Nassau County-Suffolk County, N.Y. (+9.6%)
- Montgomery, Ala. (+9.4%)
- St. Louis, Mo.-Ill. (+9.1%)
- Shreveport-Bossier City, La. (+8.4%)
- Youngstown-Warren-Boardman, Ohio-Pa. (+8.3%)
- Providence-Warwick, R.I.-Mass. (+8.2%)
- Fort Wayne, Ind. (+8.0%)
- Hartford-West Hartford-East Hartford, Conn. (+8.0%)
10 most expensive markets
- San Jose-Sunnyvale-Santa Clara, Calif. ($1,920,000; 0.0%)
- Anaheim-Santa Ana-Irvine, Calif. ($1,396,500; +2.7%)
- San Francisco-Oakland-Hayward, Calif. ($1,305,000; -0.8%)
- Urban Honolulu, Hawaii ($1,142,100; +3.5%)
- San Diego-Carlsbad, Calif. ($994,000; +0.9%)
- Salinas, Calif. ($995,500; +1.2%)
- Los Angeles-Long Beach-Glendale, Calif. ($939,700; 0.0%)
- Oxnard-Thousand Oaks-Ventura, Calif. ($936,700; +1.8%)
- San Luis Obispo-Paso Robles, Calif. ($917,100; -1.1%)
- Nassau County-Suffolk County, N.Y. ($818,800; +9.6%)
Housing affordability
- 25% of markets experienced declining home prices
- Up from 23% last quarter
- $2,057: monthly mortgage payment on a typical existing single-family home with a 20% down payment
- 5.7% decrease from the previous quarter
- 3.1% decrease year over year
- 22.9%: average share of income typical families spent on mortgage payments
- Down from 24.5% last quarter
- Down from 24.7% last year
First-time buyers
- $2,019: the monthly mortgage payment for a typical starter home valued at $352,700 with a 10% down payment
- $122 decrease from last quarter
- $62 decrease from last year
- 34.6%: share of income first-time buyers spent on monthly mortgage payments
- Down from 37.0% last quarter
- Down from 37.3% last year
About the National Association of REALTORS®
NOTE: NAR releases quarterly median single-family price data for approximately 230 Metropolitan Statistical Areas (MSAs). In some cases, the MSA prices may not coincide with data released by state and local REALTOR® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, REALTORS® are advised that for business purposes, local data from their association may be more relevant…