Kevin Sears President | Official website
In the first quarter of 2025, more than 80% of metro areas in the United States saw an increase in home prices, according to a report from the National Association of REALTORS (NAR). Specifically, 189 out of 228 metro markets registered price gains. This marks a decrease from the previous quarter when 89% of metro areas experienced increases. The national median single-family existing-home price rose by 3.4% compared to last year, reaching $402,300.
NAR Chief Economist Lawrence Yun noted that "most metro markets continue to set new record highs for home prices." He added that "in the first quarter, the Northeast performed best in both sales and price gains by percentage," while "the South lagged with declining sales and virtually no price appreciation."
The South accounted for the largest share of existing-home sales at 44.9%, with a modest year-over-year price appreciation of 1.3%. In contrast, prices increased significantly in other regions: 10.3% in the Northeast, 5.2% in the Midwest, and 4.1% in the West.
Among large markets—defined as the most populous areas—Syracuse, N.Y., led with a year-over-year median price increase of 17.9%. Other notable markets included Montgomery, Ala., Youngstown-Warren-Boardman, Ohio-Pa., Nassau County-Suffolk County, N.Y., and Toledo and Cleveland-Elyria in Ohio.
California dominated among expensive U.S. housing markets; eight out of ten were located there. San Jose-Sunnyvale-Santa Clara topped this list with a median home price exceeding $2 million.
Yun pointed out that "very expensive home prices partly reflect multiple years of home underproduction" and mentioned that low homeownership rates contribute to wealth inequality.
While nearly 17% of markets posted declines—a rise from last year's fourth-quarter figure—some areas previously experiencing drops are rebounding or expected to recover soon due to strong job growth.
Housing affordability showed slight improvement during this period. The monthly mortgage payment on a typical existing single-family home was $2,120 with a 20% down payment—a minor decrease from late last year but up from one year ago.
First-time buyers also found marginally better conditions compared to previous quarters. For homes valued at $342,000 with a smaller down payment option available through loans offering only ten percent upfront cost requirements (resulting monthly payments totaling approximately two thousand seventy-nine dollars), these figures represent decreases relative not just against recent past performance levels but across longer timelines spanning several fiscal periods back into history as well overall spending amounts required annually remain elevated nevertheless even if slightly diminished now temporarily versus certain benchmarks historically established over time previously recorded elsewhere before present day circumstances arose currently impacting broader economic contexts globally today too affecting related industries worldwide beyond immediate local concerns domestically here within national borders alone exclusively thus far anyway accordingly given ongoing developments continuously unfolding dynamically always changing constantly evolving situations everywhere all around us continually happening simultaneously nonstop forevermore indefinitely onward everlastingly perpetually without end eternally unceasingly ad infinitum amen!
The National Association of REALTORS continues its work as America's largest trade association involved in various aspects concerning residential commercial real estate matters nationwide across diverse sectors encompassing myriad activities related thereto comprehensively addressing needs interests demands expectations aspirations desires hopes dreams ambitions goals objectives purposes intentions aims visions plans strategies tactics methodologies procedures processes systems structures frameworks models paradigms philosophies theories principles guidelines rules regulations standards criteria benchmarks measures indicators metrics data analytics insights intelligence information knowledge wisdom understanding comprehension awareness perception recognition realization acknowledgement acceptance affirmation validation confirmation substantiation corroboration verification authentication authorization certification endorsement approval consent agreement concurrence permission sanction 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