Good News (for Homeowners) as Home Prices Rose in 78% of Metro Markets in Q3By RISMedia Staff
Home prices rose in 78% of metro markets during the third quarter of 2026, according to the National Association of Realtors®’ latest quarterly report. This is down from 80% in Q2, but shows the continued value and equity-building power of homeownership even in a down market.
Four percent of metro areas recorded double-digit price gains, down from 5% last quarter. The report provides the real estate ecosystem—including agents, brokers, buyers and sellers—with quarterly metro-area data on median home prices and housing affordability. “Even with affordability challenges causing the housing market to stagnate, home prices continue to set record highs in most parts of the country,” said NAR Chief Economist Lawrence Yun. “Homeowners are the beneficiaries of the price gains. Over the past seven years, the average house has appreciated by $146,000. “Throughout the last year, home prices declined in many Florida markets. This quarter, however, homes in nearly all Florida markets are showing price gains,” Yun added. In a similar vein, he added, price declines in other markets may also be brief if the local job market and economy are solid. “Many markets in the Midwest offer exceptional value with more affordable homes, making homeownership more attainable,” he said. “Meanwhile, the artificial intelligence technology boom continues to push Bay Area home prices higher, keeping the region the most expensive in the country,” Yun said. Median existing single-family home price by region (year-over-year change) Northeast: $561,500 (+4.0%) Midwest: $342,500 (+3.6%) South: $374,900 (+1.0%) West: $629,000 (-0.6%) 10 large markets with the biggest year-over-year median price increases Gulfport-Biloxi-Pascagoula, Mississippi (+11.0%) Rochester, New York (+10.9%) Jackson, Mississippi (+10.1%) Beaumont-Port Arthur, Texas (+9.9%) York-Hanover, Pennsylvania (+9.2%) Grand Rapids-Wyoming, Michigan (+8.7%) Cleveland-Elyria, Ohio (+8.6%) Fort Wayne, Indiana (+8.5%) Youngstown-Warren-Boardman, Ohio-Pennsylvania (+7.6%) Hartford-West Hartford-East Hartford, Connecticut (+7.5%) 10 most expensive markets (median sales price, with year-over-year price change) San Jose-Sunnyvale-Santa Clara, California ($1,920,000; +0.3%) Anaheim-Santa Ana-Irvine, California ($1,470,000; +5.0%) San Francisco-Oakland-Hayward, California ($1,350,900; +2.7%) Urban Honolulu, Hawaii ($1,199,700; +6.4%) San Diego-Carlsbad, California ($1,075,000; +6.5%) Los Angeles-Long Beach-Glendale, California ($958,500; +0.5%) San Luis Obispo-Paso Robles, California ($956,300; +2.6%) Salinas-Monterey, Calif. ($948,900; -7.0%) Oxnard-Thousand Oaks-Ventura, California ($940,000; +0.5%) Bridgeport-Stamford-Norwalk, Connecticut ($874,200; +3.5%) |
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