Home prices are still increasing, but annual growth has continued its cooling trend in April, according to Homes.com.
Year-over-year median home prices increased by 1.3% in April, going from $380,000 to $385,000. According to Homes.com, a growing number of markets, especially in the Sun Belt, have experienced no growth or outright decline in home prices compared to last year.
April marked the fourth month of cooling home price growth. In December 2024, year-over-year price growth was 5.6%. Prices rose 3.9% in January 2025, 2.7% in February and 2.2% in March.
Though the prices of single-family homes increased, townhome prices fell and condo prices were mostly flat in April, per the data.
Particularly in the Sun Belt region, this slight moderation in price pressures, coupled with higher inventories of homes for sale, suggests a shift to a buyer’s market, according to Homes.com.
Markets with cooling home prices
The median home prices in Houston; Dallas-Fort Worth; Kansas City, Missouri; Charlotte, North Carolina; and Jacksonville, Florida remained unchanged year-over-year.
In Nashville, Tennessee, and Phoenix, median home prices were down 0.1% and 0.2%, respectively, from a year ago. Homes.com data showed an annual decrease of median home prices by 1.3% in Orlando, Florida, and 1.4% in California’s Sacramento and San Diego markets.
Raleigh, North Carolina; Tampa, Florida; and San Antonio experienced a 2.2%, 2.7% and 3.1% respective drops in their markets. The only non-Sun Belt state that experienced a substantial drop was Ohio, with Cincinnati and Columbus seeing a 4.5% and 4.6% drop, respectively.
Where are prices increasing?
While the Sun Belt had various markets experience a decline in price increases, the Northeast and some Midwest markets continued to lead the nation in price growth.
The average home sold for about 10% more in New York City; Boston and Cleveland, compared to last year. Chicago and Philadelphia homes increased more than 7% in the past year. In Pittsburgh, Milwaukee and Detroit, home prices increased by 6.7%, 6.1% and 6%, respectively, year-over-year.
Home prices increased by over 5% annually in San Jose, California; Baltimore; Miami; and Washington, D.C. In Minneapolis; Oklahoma City; and Indianapolis, year-over-year home prices were up over 4%.
In Atlanta; Inland Empire, California; St. Louis; Seattle; and Richmond, Virginia, home prices increased over 2%.
Homes in Portland, Oregon; Los Angeles; Austin; Las Vegas and Denver increased by less than 2%.
Townhomes and condos
While single-family homes increased by about $5,000, on average, year-over-year, the average price of townhomes and duplexes came to $355,000, a 2.5% drop from last year, or about $9,000, according to data from Homes.com.
Condo prices were also down, with a median price of $350,000. This is 0.6% lower than last year, about $2,000 less.