Home Prices Increased in 71% of Metro Areas in First Quarter of 2026

Washington, D.C., May 05, 2026 (GLOBE NEWSWIRE) -- Home prices rose in 71% of metro markets (167 out of 235) during the first quarter of 2026, according to the National Association of REALTORS^®’ latest quarterly report. This is down from 73% in the fourth quarter. Seven percent of metro areas (16 out of 235) recorded double-digit price gains, up from 5% 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 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.”

10 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%)

10 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

About the National Association of REALTORS^®
The National Association of REALTORS^® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

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Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local 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.

[1]Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: https://www.census.gov/geographies/reference-files/time-series/demo/metro-micro/delineation-files.html.

Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.
The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single-family, townhomes, condominiums and co-operative housing.

National Association of Realtors®
media@nar.realtor

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