H
omeowners are reaping the benefits of a strong housing market, with home prices continuing to rise nationwide. According to the National Association of REALTORS' latest report, most metro markets have set new record highs for home prices, with over 80% experiencing price increases in the first quarter. The national median price for existing single-family homes rose 3.4% year-over-year to $402,300.

    The Northeast is seeing some of the highest home price gains, with a 10.3% annual increase, followed by the Midwest at 5.2% and the West at 4.1%. The South, which accounted for the largest share of existing-home sales, posted the slowest annual price appreciation at 1.3%.

    The top 10 metro areas with the largest year-over-year percentage increases in home prices are:

    * Syracuse, N.Y.: 17.9%, $234,300

    * Montgomery, Ala.: 16.1%, $230,000

    * Youngstown-Warren-Boardman, Ohio-Pa.: 13.6%, $161,900

    * Nassau County-Suffolk County, N.Y.: 12.0%, $779,300

    * Toledo, Ohio: 11.1%, $183,900

    * Cleveland-Elyria, Ohio: 11.1%, $213,200

    * Rochester, N.Y.: 11.1%, $235,900

    * Gulfport-Biloxi-Pascagoula, Miss.: 10.5%, $232,900

    * Trenton, N.J.: 10.4%, $420,100

    * Allentown-Bethlehem-Easton, Pa.-N.J.: 10.2%, $355,600

    However, nearly 17% of the 228 markets tracked saw home prices decline in the first quarter, up from 11% in the fourth quarter of 2024. NAR Chief Economist Lawrence Yun notes that some areas experiencing price declines could see prices recover in the near future due to growing housing inventory and new job creation.

    The top 10 priciest markets in the U.S. are dominated by California, with eight out of ten markets being from the state. These markets continue to see home price gains, partly due to underproduction and low homeownership rates. The report highlights that affordable markets tend to have more adequate supply and higher homeownership rates.

    NAR's latest report is available at nar.realtor/research-and-statistics.