Home prices increased in 71% of metropolitan markets during the first quarter of 2026, with 167 out of 235 metro areas seeing gains, according to a May 5 report from the National Association of Realtors. This is a slight decrease from the previous quarter, when home prices rose in 73% of markets.
The report highlights that seven percent of metro areas recorded double-digit price gains this quarter, up from five percent last quarter. The national median single-family existing-home price grew by 0.5% year-over-year to $404,300. Regional data showed increases in the Northeast and Midwest but a decline in the West region.
“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.” Yun also said: “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. Improved affordability is drawing buyers back to the condo market.” He added: “Even though mortgage rates are higher than earlier this year, rates remain comfortably below last year’s levels. Lower mortgage rates will allow more potential buyers to qualify for and obtain a mortgage.”
Among large markets with notable increases were Akron (+12%), Anchorage (+10.4%), Albany-Schenectady-Troy (+9.3%), Trenton (+9.2%), and others experiencing growth above seven percent over last year.
Housing affordability has improved compared to both last quarter and last year; monthly mortgage payments on a typical existing single-family home decreased by $78 from last quarter and $140 from one year ago for those making a twenty percent down payment.
According to the official website, the National Association of Realtors functions as the leading trade association for real estate professionals nationwide and supports diversity within its membership base that includes around 1,200 local boards as well as state associations across all states and territories.
