Home Prices Increased in Most Metro Areas in the Third Quarter

“Even as affordability pressures keep the housing market largely stuck, home prices are still reaching record levels in many parts of the country,” said NAR Chief Economist Lawrence Yun.

Home values climbed in 78% of U.S. metro markets in the third quarter of 2026, according to the National Association of Realtors®' latest quarterly report. While that was slightly below the 80% share seen in the previous quarter, it still points to the lasting wealth-building benefit of homeownership, even in a softer market.

Four percent of metro areas saw double-digit annual price increases, down from 5% in the prior quarter.

The report gives agents, brokers, buyers and sellers metro-level data on median home prices and housing affordability.

The national median price for existing single-family homes rose 1.7% from a year earlier to $432,900, matching the revised annual pace recorded in the prior quarter.

“Even with affordability challenges causing the housing market to stagnate, home prices continue to set record highs in most parts of the country,” Yun said. “Homeowners are the beneficiaries of the price gains. Over the past seven years, the average house has appreciated by $146,000.

“Over the past year, home prices fell in many Florida markets. This quarter, though, homes in nearly all Florida markets are posting gains,” Yun added.

He also said that price declines in other markets could be short-lived if local employment and the broader economy remain strong.

“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%)