Home Prices Increase in 77% of Metros, NAR Reports

Home prices rose in 77% of U.S. metros during the third quarter, the National Association of Realtors reported Thursday.

The figure is up from 75% in the second quarter.

The latest NAR Quarterly Report found that 4% of metro areas recorded double-digit price gains in the third quarter, down slightly from 5% in the second quarter of 2025. It noted the national median single-family existing-home price grew 1.7% year over year to $426,800 – the same annual growth rate recorded in the second quarter.

“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” NAR Chief Economist Lawrence Yun said. “Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation.”

“Price declines are occurring mainly in southern states, where there has been robust new home construction in recent years,” Yun added. He noted that given the region’s faster job growth, these price drops “should be viewed as temporary.” The large markets with biggest year-over-year median price increases included Trenton, N.J. (+9.9%), Lansing-East Lansing, Mich. (+9.8%), Nassau County-Suffolk County, N.Y. (+9.4%), and New Haven-Milford, Conn. (+9.0%), the report said.