“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun.
The rally underscored our industry’s leadership in advancing housing policy and demonstrated the collective strength of Realtors when we unite around a common cause.
Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures.
“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun.
WASHINGTON—Home prices rose in 77% of metro markets (176 out of 230) during the third quarter of 2025, according to the National Association of Realtors latest quarterly report released today. This is up from 75% in the second quarter. Four percent of metro areas recorded double-digit price gains in the third quarter, down slightly from 5% in the second quarter of 2025.
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.
Median existing single-family home price by region (year-over-year change)
Northeast: $540,100 (+6.0%)
Midwest: $331,100 (+4.2%)
South: $372,800 (+0.5%)
West: $633,900 (-0.1%)
“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun. “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,” added Yun. “Given the region’s faster job growth, these price drops should be viewed as temporary and as a second-chance opportunity for those previously priced out of the market.”
Trenton, NJ (+9.9%)
Lansing-East Lansing, MI (+9.8%)
Nassau County-Suffolk County, NY (+9.4%)
New Haven-Milford, CT (+9.0%)
New York-Jersey City-White Plains, NY-NJ (+8.1%)
Manchester-Nashua, NH (+8.0%)
St. Louis, Mo.-Ill. (+7.9%)
Bridgeport-Stamford-Norwalk, CT (+7.8%)
Toledo, OH (+7.7%)
Cleveland-Elyria, OH (+7.7%)
San Jose-Sunnyvale-Santa Clara, CA ($1,915,000; +0.8%)
Anaheim-Santa Ana-Irvine, CA ($1,400,000; +0.1%)
San Francisco-Oakland-Hayward, CA ($1,315,000; +0.5%)
Urban Honolulu, HI ($1,127,900; -0.9%)
Salinas, CA ($1,019,900; +6.3%)
San Diego-Carlsbad, CA ($1,009,500; 0.0%)
Los Angeles-Long Beach-Glendale, CA ($954,100; +0.7%)
Oxnard-Thousand Oaks-Ventura, CA ($935,700; -1.2%)
San Luis Obispo-Paso Robles, CA ($931,800; -1.9%)
Bridgeport-Stamford-Norwalk, CT ($844,900; +7.8%)
Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
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