Home prices continued their upward trajectory in the first quarter of 2026, with a significant 71% of U.S. metro areas experiencing price gains. This indicates a robust housing market across much of the nation, although regional variations and a slight increase in declining markets suggest a nuanced economic landscape.
Key Takeaways
- Home prices rose in 71% of 235 tracked metro areas in Q1 2026.
- The national median existing-home price saw a 0.5% year-over-year increase.
- The Northeast and Midwest regions showed the strongest price appreciation.
- The condominium market is showing signs of stabilization.
- Mortgage payments remain lower than the previous year.
National Price Trends
Nationally, the median price for a single-family existing-home reached $404,300, marking a 0.5% increase compared to the same period last year. This growth rate is a slowdown from the 1.2% annual growth observed in the fourth quarter of 2025. While the majority of markets saw gains, 27% experienced price declines, a slight uptick from the previous quarter’s 25%.
Regional Performance
Regional performance varied significantly. The Northeast led the nation with a median home price of $506,500, up 4.9% year-over-year. The Midwest followed with a median price of $308,100, showing a 3.6% increase. The South recorded a more modest gain of 0.2%, reaching $362,300. In contrast, the West experienced a 2.9% decline, with its median price settling at $607,600.
Condominium Market Stabilization
According to NAR Chief Economist Lawrence Yun, the condominium market, which had weakened considerably last year, is now demonstrating signs of stabilization. Some metropolitan areas are even outperforming the single-family housing market in terms of price gains for condominiums.
Housing Affordability and Mortgage Payments
Despite higher mortgage rates compared to the beginning of the year, rates remain below their levels from the previous year. The monthly mortgage payment for a typical existing single-family home, assuming a 20% down payment, was $1,979. This figure is down $78 from the prior quarter and $140 from a year ago. Consequently, the average share of income dedicated to mortgage payments has decreased to 21.5%, down from 22.9% last quarter and 24.3% last year, indicating improved affordability for homeowners.