Home prices increased in 80% of metro markets during the second quarter of 2026, according to an Aug. 4 report from the National Association of Realtors. This marks a rise from 71% in the previous quarter, with five percent of metro areas recording double-digit price gains, unchanged from last quarter.
The national median single-family existing-home price rose by 1.5% year-over-year to $434,900, compared to a 0.5% annual growth rate in the first quarter. Dr. Lawrence Yun, chief economist for the National Association of Realtors, said, “Home sales increased despite mortgage rates rising. This testifies to the potential housing demand building up from steady job and income gains.” Yun also said that sales rose in three out of four major regions, led by the South due to faster job growth; however, he noted that “the Northeast was the exception, held back partly by slower job growth and faster-appreciating home prices, which hurt affordability.”
Yun further commented on affordability: “It is welcoming to see incomes rising faster than home prices, which has helped boost affordability—but the big short-term challenge to affordability is coming from rising mortgage rates.” Regional median existing single-family home prices saw year-over-year changes as follows: Northeast at $547,200 (+3.8%), Midwest at $340,800 (+3.6%), South at $380,000 (+1.0%), and West at $637,900 (-0.8%).
Among large markets with notable year-over-year increases were Beaumont-Port Arthur (Texas) at +11%, Naples-Immokalee-Marco Island (Florida) at +10.5%, and Gulfport-Biloxi-Pascagoula (Mississippi) at +10.3%. The most expensive markets included San Jose-Sunnyvale-Santa Clara (California) with a median sales price of $2 million (-4.2%) and San Francisco-Oakland-Hayward (California) at $1.5 million (+5.2%). Twenty percent of markets experienced declining home prices—down from both last quarter and last year.
For typical buyers with a 20% down payment on an existing single-family home priced at $434,900 nationally, monthly mortgage payments reached $2,199—$219 higher than last quarter but $52 less than one year ago—with families spending an average share of income on mortgage payments increasing to 23.8%. First-time buyers spent about 35.9% of their income on monthly payments for starter homes valued around $369,700.
The National Association of Realtors functions as the leading trade association for real estate professionals nationwide and delivers resources including research statistics and advocacy for its members; it supports diversity within its ranks and works toward advancing rights related to real property, according to the official website.