Home prices rose in nearly three-quarters (73%) of metro markets (168 out of 230) during the fourth quarter of 2025, according to data from the National Association of Realtors (NAR). This is down from 77% in the third quarter.
The national median single-family existing-home price grew 1.2% year-over-year to $414,900, down from 1.7% annual growth in the third quarter. NAR added that 5% of metro areas (12 out of 230) recorded double-digit price gains, up slightly from 4% last quarter.
On a regional measurement, the median existing single-family home price in the Northeast was $514,600, up 5.5%. The Midwest’s price of $317,100 was up 4.3% and the South’s $367,300 marked a scant 0.2% uptick. The West’s price of $625,800 was a 1.2% drop from one year earlier.
Mobile, Alabama, recorded the largest year-over-year median price spike with a 13.7% increase. The San Jose metro area was the fourth quarter’s most expensive market, with the median price of $1.9 million, unchanged from one year before.
“Home sales squeaked out a gain in the final quarter of 2025, helped by improving affordability conditions,” said NAR Chief Economist Lawrence Yun. “Mortgage rates fell, income growth outpaced home price growth, and the income required to buy a typical home declined. While most metro markets continue to see record-high housing wealth, some areas are experiencing home price declines. These declining markets are concentrated primarily in Florida and Texas, where robust supply and recent home construction are increasing competition among sellers to attract buyers.”
