Home prices increased in 71% of U.S. metro areas in the first quarter of 2026, according to the National Association of REALTORS®. 

The report found that 167 out of 235 metro markets saw price gains during the quarter, while 27% experienced declines. That share of declining markets was up slightly from 25% in the previous quarter. 

Nationally, the 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. 

Of the metros tracked, 7% recorded double-digit price gains, an increase from 5% in the prior quarter. 

Regional trends continued to vary. The Northeast posted a median price of $506,500, up 4.9% year over year. The Midwest came in at $308,100, up 3.6%. The South recorded a smaller gain of 0.2% to $362,300, while the West saw a 2.9% decline to $607,600. 

The report also noted shifting conditions in the condominium market. While the segment weakened sharply last year, according to NAR Chief Economist Lawrence Yun, it is now showing signs of stabilization, with some metro areas even outperforming single-family price gains. 

“Home prices continued to increase in many markets, boosting housing wealth for most homeowners,” said 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 report also highlighted that even with higher mortgage rates compared to earlier this year, rates remain below last year’s levels. 

The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,979, down $78 from the previous quarter and down $140 from a year ago. The average share of income that typical families spent on mortgage payments was 21.5%, down from 22.9% last quarter and 24.3% last year.