Redfin: Home Prices Up or Flat in All Major American Metro Areas

(Image courtesy of Redfin; Breakout image courtesy of Robert So/

Redfin, Seattle, reported the median home-sale price rose from a year earlier or stayed flat in all 50 of the most populous metro areas in the United States during the four weeks ended April 28.

This is the first time that metric has been achieved since July 2022.

The median sales price is near a record high–$383,188, up 4.8% year-over-year. And, the median monthly housing payment stands at $2,890, up 15% year-over-year.

Some metro areas were more affected than others. Anaheim, Calif., saw prices rise 20% year-over-year. No. 2 was Detroit, up 14.9%.

San Jose, Calif. (up 13.6%), West Palm Beach, Fla. (up 13.4%) and New Brunswick, N.J., (up 12.8%) rounded out the top five.

Among the top 50 largest metro areas, Dallas was flat, and Austin, Texas, was the next lowest, up 0.3%. San Antonio was up 0.6%, Fort Worth, Texas, up 1.9%, and Tampa, Fla., up 2.2%.

Prices are, in part, being driven up by the paucity of supply. New listings, while up 15% year-over-year, remain well below typical April levels. They rank under only 2023 and 2020 as the fewest new listings in April compared with other years on record.

“The Fed meeting is unlikely to push mortgage rates down–but the good news is that it won’t push them up, either, which could have happened if the Fed took 2024 rate cuts off the table,” said Redfin Economic Research Lead Chen Zhao. “Even though housing costs shouldn’t climb much more, they will remain elevated for the foreseeable future, which could push more buyers away. But for serious house hunters who can afford today’s mortgage rates and find a home they love, jumping on it now isn’t a bad idea, given the fact that inventory is low and costs aren’t dropping anytime soon.”

The outlook on demand is somewhat mixed. While some Redfin agents have reported a slowdown of interested buyers, the Redfin Homebuyer Index–which measures requests such as tours and other buying services–is up 3% from a month ago.