US home price insights — June 2026

National home price growth

April 2026 data

Source: Cotality

‍

Affordability meter

Source: Cotality

‍

Insights from Chief Economist Dr. Selma Hepp

The U.S. housing market remains in a holding pattern this spring, with subdued sales and largely flat home prices.  

The recent surge in mortgage rates has disrupted the spring homebuying season and reversed some of the affordability gains created by the lower rates seen throughout 2025. Overall, the year-over-year home price increase remains relatively steady at 0.4%. However, a closer look at the 3-month HPI reveals that home prices saw a 0.8% upswing since the beginning of the year. While higher than annual gains, that jump remains below average for recent years.  

The national average also obscures notable variation across markets.

While Florida continues to top the list of markets with an annual decline in home prices — the state's West Coast markets such as Cape Coral, St. Petersburg, North Port, and Lakeland were particularly burdened — this spring shows that prices are bouncing back. That rebound is not consistent across markets, with data showing that home prices in Cape Coral are again losing steam.  

In addition to Florida, a handful of other major housing saw prices flag this spring. When looking at the 3-month change in prices through April, the New York City metro area dropped -2.3%; Buffalo, NY was down -2.1%; Washington D.C. declined -1.3%; and Fresno, CA; Nassau, AZ; and Phoenix, AZ all posted declines.

These decelerations suggest that markets that experienced recent rapid appreciation may be adjusting to the higher mortgage rate environment and an affordability ceiling.  

In contrast, several markets are displaying accelerated growth and demonstrating strengthening fundamentals. These powerhouse markets are led predominantly by Midwest industrial hubs, parts of the Northeast, and select coastal metros. San Francisco stands out among Top 100 CBSAs with the strongest 3-month HPI change at 8.1%, signaling a notable recovery in the Bay Area market. The Oakland metro follows San Francisco among California markets, posting a 3% jump in home prices.  

“Market strength suggests that some buyers remain insulated from mortgage-rate volatility and are supported by substantial home equity and stock market gains,” said Cotality Chief Economist Dr. Selma Hepp. “Meanwhile, markets that depend more heavily on traditional mortgage financing and rate-sensitive buyers are seeing prices stay relatively flat. Overall, fewer markets posted year-over-year price declines in April than in prior months, pointing to continued stabilization across the housing market.”

The Northeast corridor also continues to show particular strength, with Newark, NJ (+6.4%), Rochester, NY (+5.9%), Boston, MA (+4.9%), Cambridge, MA (+4.8%), and Bridgeport, CT (+4.7%) all posting robust 3-month spring price gains. On the West Coast, Los Angeles, San Jose and Portland fall into the ‘undervalued’ category while New York City takes on that title for the East Coast.

Likewise, Midwest manufacturing centers continue to outperform national averages, with St. Louis (+4.1%), Kansas City (+4%), and Milwaukee (+3.6%) exhibiting solid momentum. Outside the top 100 CBSAs, small Midwestern towns led the pack. In Elkhart-Goshen, IN, prices increased 13% over a 3-month period, and in Kankakee, IL they jumped 10%. This trend underscores that regions with diversified industrial employment and relatively affordable housing stock are attracting increased demand and investment activity.