Washington, D.C., May 08, 2025 (GLOBE NEWSWIRE) —
Key Highlights
- Single-family existing-home sales prices climbed in 83% of measured metro areas – 189 of 228 – in the first quarter, down from 89% in the prior quarter. The national median single-family existing-home price rose 3.4% from a year ago to $402,300.
- Twenty-six markets (11%) experienced double-digit annual price appreciation (down from 14% in the previous quarter).
- The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,120 – up 4.1% from one year ago.
More than 80% of metro markets (189 out of 228, or 83%) registered home price gains in the first quarter of 2025, as the 30-year fixed mortgage rate ranged from 6.63% to 7.04%, according to the National Association of Realtors®’ latest quarterly report. Eleven percent of the 228 tracked metro areas recorded double-digit price gains over the same period, down from 14% in the fourth quarter of 2024.
“Most metro markets continue to set new record highs for home prices,” said NAR Chief Economist Lawrence Yun. “In the first quarter, the Northeast performed best in both sales and price gains by percentage. Despite the stronger job additions, the South lagged with declining sales and virtually no price appreciation.”
Compared to one year ago, the national median single-family existing-home price grew 3.4% to $402,300. In the prior quarter, the year-over-year national median price increased 4.8%.
Among the major U.S. regions, the South registered the largest share of existing-home sales (44.9%) in the first quarter, with year-over-year price appreciation of 1.3%. Prices also increased 10.3% in the Northeast, 5.2% in the Midwest and 4.1% in the West.[1]
The top 10 large markets (where large markets are defined as the 150 most populous areas) with the biggest year-over-year median price increases by percentage all experienced gains of at least 10%. A total of six markets were in New York and Ohio. Overall, those top 10 large markets were Syracuse, N.Y. (17.9%); Montgomery, Ala. (16.1%); Youngstown-Warren-Boardman, Ohio-Pa. (13.6%); Nassau County-Suffolk County, N.Y. (12.0%); Toledo, Ohio (11.1%); Cleveland-Elyria, Ohio (11.1%); Rochester, N.Y. (11.1%); Gulfport-Biloxi-Pascagoula, Miss. (10.5%); Trenton, N.J. (10.4%); and Allentown-Bethlehem-Easton, Pa.-N.J. (10.2%).
Eight of the top 10 most expensive markets in the U.S. were in California. Those markets were San Jose-Sunnyvale-Santa Clara, Calif. ($2,020,000; 9.8%); Anaheim-Santa Ana-Irvine, Calif. ($1,450,000; 6.2%); San Francisco-Oakland-Hayward, Calif. ($1,320,000; 1.5%); Urban Honolulu, Hawaii ($1,165,100; 7.3%); San Diego-Carlsbad, Calif. ($1,036,500; 5.7%); Salinas, Calif. ($954,700; 6.2%); San Luis Obispo-Paso Robles, Calif. ($953,400; 4.8%); Oxnard-Thousand Oaks-Ventura, Calif. ($931,500; 2.5%); Naples-Immokalee-Marco Island, Fla. ($865,000; 1.8%); and Los Angeles-Long Beach-Glendale, Calif. ($862,600; 4.8%).
“Very expensive home prices partly reflect multiple years of home underproduction in those metro markets,” Yun added. “Another factor is the low homeownership rates in these areas, implying more unequal wealth distribution. Affordable markets tend to have more adequate supply and higher homeownership rates.”
Nearly 17% of markets (38 of 228) posted home price declines in the first quarter, up from 11% in the fourth quarter of 2024.
“A few areas where home prices declined a year or two ago are now rebounding, including Boise, Las Vegas, Salt Lake City, San Francisco and Seattle,” Yun said. “Similarly, some markets currently experiencing price declines – but with solid job growth – could see prices recover in the near future, such as Austin, San Antonio, Huntsville, Myrtle Beach, Raleigh and many Florida markets.”
Housing affordability slightly improved in the first quarter. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,120, down only $2 from the fourth quarter of 2024 ($2,122) but up 4.1% – or $84 – from one year ago. Families typically spent 24.4% of their income on mortgage payments, down from 24.8% in the prior quarter and 24.5% one year ago.
First-time buyers found marginally better affordability circumstances compared to the previous quarter. For a typical starter home valued at $342,000 with a 10% down payment loan, the monthly mortgage payment declined to $2,079, down just $2 from the prior quarter ($2,081). That was an increase of $82, or 4.1%, from one year ago ($1,997). First-time buyers typically spent 36.8% of their family income on mortgage payments, down from 37.4% in the previous quarter.
A family needed a qualifying income of at least $100,000 to afford a 10% down-payment mortgage in 45.1% of markets, up from 43.8% in the prior quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 3.1% of markets, up from 2.2% in the previous quarter.
About the National Association of Realtors®
As America’s largest trade association, 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.
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