Home prices continued to rise in the first quarter of 2026, according to the latest quarterly report from the National Association of Realtors (NAR).
Values increased in 71% of metro areas — 167 out of 235 — with 7% of the areas registering double-digit recorded price gains, up from 5% last quarter.
The home price gains continued the trend from the fourth quarter of 2025, when 73% of metro areas saw home values increase.
The median existing single-family home price increased year over year in the Northeast (up 4.9% to $506,500), the Midwest (up 3.6% to $308,100) and the South (up 0.2% to $362,300). It fell 2.9% in the West to $607,600.
“Home prices continued to increase in many markets, boosting housing wealth for most homeowners,” stated NAR Chief Economist Lawrence Yun in a press release. “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.”
Yun also noted that the condominium market, which weakened sharply last year, is showing signs of stabilization, and in some metro areas is even outperforming the single-family market in terms of price gains.
“Improved affordability is drawing buyers back to the condo market,” Yun observed.
The metro areas with the largest year-over-year median price increases were Akron, Ohio (12%); Anchorage, Alaska (10.4%); and Albany, N.Y. (9.3%).
The top three most expensive markets were all in California. The San Jose metro area saw median prices rise 0.5% over the year to $2,030,000. Orange County’s Anaheim-Santa Ana-Irvine area saw a 0.5% dip to a still-hefty $1,442,900, while the San Francisco Bay Area registered a 2.3% gain, bringing the median price up to $1,350,000.
“Even though mortgage rates are higher than earlier this year, rates remain comfortably below last year’s levels,” Yun concluded. “Lower mortgage rates will allow more potential buyers to qualify for and obtain a mortgage.”
