Home Prices Increased in 77% of Metro Areas in Third Quarter of 2025

Washington, D.C., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Home prices rose in 77% of metro markets (176 out of 230) during the third quarter of 2025, according to the National Association of REALTORS^®’ latest quarterly report. This is up from 75% in the second quarter. Four percent of metro areas recorded double-digit price gains in the third quarter, down slightly from 5% in the second quarter of 2025.

The national median single-family existing-home price grew 1.7% year over year to $426,800 – the same annual growth rate recorded in the second quarter.

Median existing single-family home price by region (year-over-year change)

• Northeast: $540,100 (+6.0%)
• Midwest: $331,100 (+4.2%)
• South: $372,800 (+0.5%)
• West: $633,900 (-0.1%)

“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun. “Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation.”

“Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years,” added Yun. “Given the region’s faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market.”

10 large markets with biggest year-over-year median price increases

1. Trenton, N.J. (+9.9%)
2. Lansing-East Lansing, Mich. (+9.8%)
3. Nassau County-Suffolk County, N.Y. (+9.4%)
4. New Haven-Milford, Conn. (+9.0%)
5. New York-Jersey City-White Plains, N.Y.-N.J. (+8.1%)
6. Manchester-Nashua, N.H. (+8.0%)
7. St. Louis, Mo.-Ill. (+7.9%)
8. Bridgeport-Stamford-Norwalk, Conn. (+7.8%)
9. Toledo, Ohio (+7.7%)
10. Cleveland-Elyria, Ohio (+7.7%)

10 most expensive markets

1. San Jose-Sunnyvale-Santa Clara, Calif. ($1,915,000; +0.8%)
2. Anaheim-Santa Ana-Irvine, Calif. ($1,400,000; +0.1%)
3. San Francisco-Oakland-Hayward, Calif. ($1,315,000; +0.5%)
4. Urban Honolulu, Hawaii ($1,127,900; -0.9%)
5. Salinas, Calif. ($1,019,900; +6.3%)
6. San Diego-Carlsbad, Calif. ($1,009,500; 0.0%)
7. Los Angeles-Long Beach-Glendale, Calif. ($954,100; +0.7%)
8. Oxnard-Thousand Oaks-Ventura, Calif. ($935,700; -1.2%)
9. San Luis Obispo-Paso Robles, Calif. ($931,800; -1.9%)
10. Bridgeport-Stamford-Norwalk, Conn. ($844,900; +7.8%)

Housing affordability

• 23% of markets experienced declining home price
  • Down slightly from 24% last quarter
• $2,187: monthly mortgage payment on a typical existing single-family home with a 20% down payment
  • 2.8% decrease from the previous quarter
  • 2.1% increase year over year
• 24.8%: average share of income typical families spent on mortgage payments
  • Down from 25.6% last quarter
  • Down from 25.2% last year

First-time buyers

• $2,146: the monthly mortgage payment for a typical starter home valued at $362,800 with a 10% down payment
  • $61 decrease from Q2
  • $45 increase year over year
• 37.4%: share of income first-time buyers spent on monthly mortgage payments
  • Down from 38.6% in Q2
  • Down from 38.1% year over year

About the National Association of REALTORS^®
The National Association of REALTORS^® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

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Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of REALTORS^®.

NOTE: NAR releases quarterly median single-family price data for approximately 230 Metropolitan Statistical Areas (MSAs). In some cases, the MSA prices may not coincide with data released by state and local REALTOR^® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, REALTORS^® are advised that for business purposes, local data from their association may be more relevant.

[1]Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: https://www.census.gov/geographies/reference-files/time-series/demo/metro-micro/delineation-files.html.

Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.
The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single-family, townhomes, condominiums and co-operative housing.

National Association of Realtors®
media@nar.realtor

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