Overview
- The national median single-family home price rose 1.7% year-over-year in Q2 to $429,400, marking a record high even as growth decelerated from 3.4% in Q1.
- Seventy-five percent of metro areas posted price gains in the second quarter, down from 83% in Q1, and just 5% recorded double-digit increases compared with 11% previously.
- Regional performance varied sharply with the Northeast up 6.1% and the Midwest 3.5%, while the West saw minimal growth at 0.6% and the South registered no change.
- Elevated mortgage rates have suppressed home sales and pushed the homeownership rate down about one percentage point since early 2023.
- NAR projects median prices will climb roughly 1% by year’s end and accelerate to about 4% in 2026 if borrowing costs ease.