Overview
The spring homebuying season is fading as external pressures continue to weigh on price growth across the nation.
- Year-over-year price growth slowed to 2.0% in April 2025, with single-family detached homes still growing at 2.46% annual rate while single-family attached homes posted a 0.08% decline — the first annual decline since 2012.
- Wyoming entered the top 5 states with the highest year-over-year home price growth.
- Markets with continued largest home price gains this spring remain in Northeast and Midwest, particularly more affordable areas surrounding large expensive metros.
- Florida, Texas, Hawaii, and Washington D.C. reported negative home price growth.
National home price growth
March 2025 data
Source: Cotality
Affordability meter
Source: Cotality
Insights from Chief Economist Selma Hepp
April posted the lowest home price growth in more than a decade. Two months ago, prices were rising at a nearly 3% clip, but by April 2025, prices slowed to only 2% — which is the slowest growth since spring of 2012. Widespread concern about personal finances, job prospects, and potential tariff impacts continues to weigh on home prices.
“Housing market headwinds continue to challenge homebuying demand, but improved for-sale supply is providing buyers with more options and helping keep softer price pressures for those looking to buy this spring. And while annual home price growth has slowed considerably, home prices this spring have held up, and gains have mostly mirrored trends seen pre-pandemic. This is encouraging given the fears that consumer sentiment has faltered. Cotality’s home price forecast for the coming month expects the solid home price trend to continue," said Cotality’s Chief Economist Dr.Selma Hepp.
The Northeast, which has been an outlier in recent months and posting solid growth, had a couple of states reverse course in April. New York and Vermont posted home prices that were furthest from their peaks. Also, more markets are posting negative growth, with Hawaii, Florida, Texas, and Washington D.C. seeing price appreciation dip to -2%, -0.8%, -0.7%, and -0.6%, respectively.
"It is important to note that the number of markets where home prices are declining has not grown notably," explained Dr. Hepp. "About 14 of the 100 largest markets reported annual declines, up from 12 markets last month, with the majority concentrated in Florida and Texas. Cape Coral, Florida shows the largest annual decline at 7% year over year, and prices are back at levels seen in the spring of 2022."
Florida continues to course correct after years of explosive growth. Cotality’s Office of the Chief Economist reveals that several markets in the state are seeing price declines — the state overall saw -0.8% price appreciation in April — and all five of the U.S.’s most at-risk markets are located in the Sunshine State. Florida also saw its median sales price dip below the national median to $390,000, dropping the state out of the top 20 most expensive markets.
Top 10 hottest markets
Source: Cotality
Top 10 coolest markets
Source: Cotality
Which areas are affordable?
Tracking the top 5 highest and lowest U.S. median sales prices
Source: Cotality
Markets to watch
Tracking markets with a very high risk of price decline in the top 100 CBSAs
Source: Cotality
High-risk market home price trends
Source: Cotality
