- Home prices rose 0.1% month over month on a seasonally adjusted basis—the slowest growth in seven months.
- Prices fell in 16 major metros, with the biggest declines in Jacksonville, FL, Providence, RI and Columbus, OH. Prices rose most in Charlotte, NC, Portland, OR and West Palm Beach, FL.
U.S. home prices were little changed from a month earlier in February, rising 0.1% on a seasonally adjusted basis—the slowest growth in seven months. They increased 1.9% year over year.
This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in single-family home prices. The RHPI measures how sale prices of homes have changed since their previous sale—similar to the S&P Cotality Case-Shiller Home Price Indices—but is reported about a month earlier. February data covers the three months ending Feb. 28, 2026. Read the full RHPI methodology here.
Price growth is muted because it’s the strongest buyer’s market in recent history—for those who can afford to buy. Many Americans are holding off on purchasing homes because mortgage rates are still more than double the all-time low hit during the pandemic, and the nation is grappling with economic uncertainty and layoffs. As a result, there are a record 46% more home sellers than buyers, meaning the buyers who are in the market have negotiating power when it comes to price. Prices are still rising slightly, but this growth pales in comparison to recent years; during the pandemic, prices rose as much as 21% year over year and as much as 1.9% during a single month.
“Mortgage rates have ticked up in the past few weeks following months of declines, but we still expect housing affordability to improve this year as income growth outpaces home price growth,” said Redfin Principal Economist Sheharyar Bokhari. “Homebuyers in many markets are having success asking for discounts and other concessions, and they have the luxury of time because they aren’t facing much competition.”
The daily average mortgage rate rose to a six-month high of 6.53% last week amid escalations in the Iran war.
Home prices are falling in 16 major U.S. metro areas
Home prices fell month over month in 16 of the 50 most populous U.S. metropolitan areas on a seasonally adjusted basis in February.
The biggest declines were in Jacksonville, FL (-4%), Providence, RI (-1.4%) and Columbus, OH (-1.1%). The biggest gains were in Charlotte, NC (3.7%), Portland, OR (2.1%) and West Palm Beach, FL (2.1%).
Prices also fell in 16 metros on a year-over-year basis, with the biggest declines in San Antonio (-5.1%), Jacksonville (-4.4%) and Minneapolis (-3.8%). The largest increases were in San Francisco (15.2%), Chicago (9.3%) and New York (9.2%).
