Home price growth in the U.S. is expected to average 3.4% in 2025 and 3.3% in 2026, according to a panel of more than 100 economists and housing experts polled by Fannie Mae and research firm Pulsenomics.

The latest forecasts are slight downward revisions from Fannie Mae’s previous quarterly poll, in which the panel predicted 3.8% home price growth in 2025 and 3.6% in 2026. Last year, national home prices grew 5.8%, according to Fannie Mae.

Some of the experts polled had wildly different opinions on the direction of home prices in 2025.

Steven Katz, chief investment officer of Arbor Realty Trust, predicted 11% home price growth in 2025 in his March 3 response. On the opposite end of the spectrum, Joel Naroff, president of Naroff Economics, forecast on March 4 that home prices will decline 4.5% this year.

The poll was conducted between February 25 and March 10, so the projections do not reflect the potential impacts of the Trump administration’s global tariff policies. Eleven panelists requested that their responses remain confidential.