Half of the 50 most populous U.S. metros recorded a drop in home prices compared to March
U.S. home prices ticked down 0.1% in April on a seasonally adjusted basis, the first month-over-month decline since September 2022. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Home prices were up 4.1% on a year-over-year basis, down from 4.9% growth in March. That’s the lowest annual price growth since July 2023.
This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.
April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It’s worth noting that April’s decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision.
Redfin Senior Economist Sheharyar Bokhari said home prices are essentially flat for two reasons:
- Demand is down: Buyers are adopting a wait and see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases. With more buyers on the sidelines, pending home sales were down 3.5% month over month on a seasonally adjusted basis in April.
- Supply is up: The total number of homes for sale is at a five-year high—mainly because homes aren’t selling. That’s leading sellers to offer concessions at near-record levels.
“Home prices are flat, and that’s good news for buyers after years of rapid increases," said Bokhari. “But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.”
Metro-Level Summary: Redfin Home Price Index, April 2025
Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month.
The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%).
To view the full report, including charts, additional metro-level data and a full methodology, please visit: https://www.redfin.com/news/home-price-index-april-2025
