Home prices rose in 80% of metro markets in the second quarter of 2026, up from 71% last quarter, according to the National Association of REALTORS®’ latest report. The data points to stronger homeowner equity and continuing affordability challenges for buyers.
The median price for a single-family existing home in America is now $434,900, up 1.5% compared to this time last year.
NAR Chief Economist Lawrence Yun explained how home prices fit in the larger context of closed transactions, weighing additional economic forces.
“Home sales increased despite mortgage rates rising. This testifies to the potential housing demand building up from steady job and income gains,” Yun said. “Sales rose in three of the four major regions, with the South leading the way due to faster job growth. The Northeast was the exception, held back partly by slower job growth and faster-appreciating home prices, which hurt affordability."
Yun added, “It is welcoming to see incomes rising faster than home prices, which has helped boost affordability—but the big short-term challenge to affordability is coming from rising mortgage rates.”
How Mortgage and Income Are Tracking
In addition to prices, the association also studies affordability factors such as mortgage payments and share of income.
Between April and June, the average 30-year mortgage hovered between 6.23% and 6.53%, according to Freddie Mac. Compared to that time in 2025, rates sat between 6.62% and 6.89%. However, to Yun's point, last week saw the highest average rate in nearly a year, at 6.66%, per Freddie Mac.
NAR data shows that year-over-year the typical monthly mortgage payment is down. Those who bought an existing single-family home with a 20% down payment in the second quarter of 2026 are paying roughly $52 less per month than last years’ buyers. First-time home buyers paying off a starter home, and those who put roughly 10% down, are also in a slightly better position than last year’s buyers. Their mortgages are about $49 less a month.
Housing costs are also eating up less of those groups’ household incomes. Typical families are now spending 23.8% of their income on their mortgage payments, down from 25.5% last year. Meanwhile, roughly 35.9% of first-time buyers’ income is going towards paying off the house. That’s slid from 38.4% in the second quarter of 2025.
Regional Price Gains and Dips
Here's how the median price of an existing single-family home has changed year-over-year by region, per NAR data:
- Northeast: $547,200: up 3.8%
- Midwest: $340,800: up 3.6%
- South: $380,000: up 1.0%
- West: $637,900 down 0.8%
10 Markets With the Biggest Yearly Gains
The following metros saw the highest median price increases in the second quarter over the past year, according to NAR:
- Beaumont-Port Arthur, Texas: up 11.0%
- Naples-Immokalee-Marco Island, Fla.: up 10.5%
- Gulfport-Biloxi-Pascagoula, Miss.: up 10.3%
- Syracuse, N.Y.: up 9.6%
- Hartford-West Hartford-East Hartford, Conn.: up 8.0%
- Lansing-East Lansing, Mich.: up 7.8%
- Canton-Massillon, Ohio: up 7.7%
- Providence-Warwick, R.I.-Mass.: up 7.4%
- York-Hanover, Pa.: up 7.4%
- Milwaukee-Waukesha-West Allis, Wis.: up 6.8%
10 Most Expensive Markets of the Second Quarter of 2026
NAR research reveals the metros with highest median sales price in the nation and a breakdown of how that price has changed year-over-year:
- San Jose-Sunnyvale-Santa Clara, Calif.: $2,050,000, down 4.2%
- San Francisco-Oakland-Hayward, Calif.: $1,500,000, up 5.2%
- Anaheim-Santa Ana-Irvine, Calif.: $1,485,000, up 3.7%
- Urban Honolulu, Hawaii: $1,183,000, up 3.0%
- San Diego-Carlsbad, Calif.: $1,075,000, up 4.9%
- Salinas, Calif.: $982,600, up 0.4%
- Oxnard-Thousand Oaks-Ventura, Calif.: $961,800, up 0.4%
- San Luis Obispo-Paso Robles, Calif.: $954,400, up 2.8%
- Bridgeport-Stamford-Norwalk, Conn.: $885,100, up 4.7%
- Los Angeles-Long Beach-Glendale, Calif. $879,900, no difference
