Home Prices Increased in 78% of Metro Areas in Third Quarter of 2026
MARKET CONDITIONSHOME PRICESHOME VALUES
Home Prices Increased in 78% of Metro Areas in Third Quarter of 2026
National Association of REALTORS®, Media Relations | October 29, 2026
WASHINGTON (October 29, 2026) – Home prices rose in 78% of metro markets during the third quarter of 2026, according to the National Association of REALTORS®’ latest quarterly report. This is down from 80% in the second quarter. Four percent of metro areas recorded double-digit price gains, down from 5% last quarter. The report provides the real estate ecosystem—including agents, brokers, buyers and sellers—with quarterly metro-area data on median home prices and housing affordability.
The national median single-family existing-home price rose 1.7% year-over-year to $432,900, matching the revised annual growth rate in the second quarter.
“Even with affordability challenges causing the housing market to stagnate, home prices continue to set record highs in most parts of the country,” said NAR Chief https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordabilityEconomist Lawrence Yun. “Homeowners are the beneficiaries of the price gains. Over the past seven years, the average house has appreciated by $146,000.”
“Throughout the last year, home prices declined in many Florida markets. This quarter, however, homes in nearly all Florida markets are showing price gains,” Yun added. “In a similar vein, price declines in other markets may also be brief if the local job market and economy are solid.”
“Many markets in the Midwest offer exceptional value with more affordable homes, making homeownership more attainable. Meanwhile, the artificial intelligence technology boom continues to push Bay Area home prices higher, keeping the region the most expensive in the country,” Yun said.
Median existing single-family home price by region (year-over-year change)
Northeast: $561,500 (+4.0%)
Midwest: $342,500 (+3.6%)
South: $374,900 (+1.0%)
West: $629,000 (-0.6%)
10 large markets with the biggest year-over-year median price increases
Gulfport-Biloxi-Pascagoula, Miss. (+11.0%)
Rochester, N.Y. (+10.9%)
Jackson, Miss. (+10.1%)
Beaumont-Port Arthur, Texas (+9.9%)
York-Hanover, Pa. (+9.2%)
Grand Rapids-Wyoming, Mich. (+8.7%)
Cleveland-Elyria, Ohio (+8.6%)
Fort Wayne, Ind. (+8.5%)
Youngstown-Warren-Boardman, Ohio-Pa. (+7.6%)
Hartford-West Hartford-East Hartford, Conn. (+7.5%)
10 most expensive markets (median sales price, with year-over-year price change)
San Jose-Sunnyvale-Santa Clara, Calif. ($1,920,000; +0.3%)
Anaheim-Santa Ana-Irvine, Calif. ($1,470,000; +5.0%)
San Francisco-Oakland-Hayward, Calif. ($1,350,900; +2.7%)
Urban Honolulu, Hawaii ($1,199,700; +6.4%)
San Diego-Carlsbad, Calif. ($1,075,000; +6.5%)
Los Angeles-Long Beach-Glendale, Calif. ($958,500; +0.5%)
San Luis Obispo-Paso Robles, Calif. ($956,300; +2.6%)
Salinas-Monterey, Calif. ($948,900; -7.0%)
Oxnard-Thousand Oaks-Ventura, Calif. ($940,000; +0.5%)
Bridgeport-Stamford-Norwalk, Conn. ($874,200; +3.5%)
Housing affordability
21% of markets experienced declining home prices
Up from 20% last quarter
$2,251: monthly mortgage payment on a typical existing single-family home with a 20% down payment
$48 increase from last quarter
$69 increase from last year
24.1%: average share of income that typical families spent on mortgage payments
Up from 23.9% last quarter
Down from 24.5% last year
First-time buyers
$2,208: the monthly mortgage payment for a typical starter home valued at $368,000 with a 10% down payment
$46 increase from last quarter
$67 increase from last year
36.3%: share of income first-time buyers spent on monthly mortgage payments
Up from 36.0% last quarter
Down from 37.0% 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.
NAR releases quarterly median single-family price data for approximately 235 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.
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: 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.
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