On March 24, 2026, Rocket Companies Inc. released a press statement highlighting the latest trends in U.S. home prices, which remained relatively stagnant in February. The report, powered by Redfin, revealed that home prices increased by a mere 0.1% month over month on a seasonally adjusted basis, marking the slowest growth observed in the past seven months.

1. Yearly Growth Trends

Despite the minimal monthly change, the year-over-year data reflects a more optimistic picture, with prices up by 1.9%. This information is derived from the Redfin Home Price Index (RHPI), which uses a repeat-sales pricing method to track changes in the sale prices of single-family homes. The RHPI captures the sale prices of homes sold during specific periods and compares them to their previous sale prices, providing a clearer view of market trends.

The Current Buyer’s Market

The sluggish growth in home prices is primarily attributed to a robust buyer’s market, characterized by an unprecedented surplus of home sellers. According to the report, there are currently 46% more sellers than buyers, granting those looking to purchase homes significant negotiating leverage.

While prices are still inching upward, the rate of growth is starkly lower compared to the explosive increases seen during the pandemic, where prices surged by as much as 21% year over year and 1.9% within a single month.

Redfin's Principal Economist, Sheharyar Bokhari, noted, “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.” He further emphasized that buyers across various markets are successfully negotiating discounts and other concessions, benefiting from a lack of competition.

2. Regional Price Fluctuations

The press release also detailed the performance of home prices across major metropolitan areas. In February, prices fell month over month in 16 out of the 50 largest U.S. metropolitan areas. The most significant declines were recorded in:

Jacksonville, FL: -4%

Providence, RI: -1.4%

Columbus, OH: -1.1%

Conversely, a few areas experienced notable gains, including:

Charlotte, NC: +3.7%

Portland, OR: +2.1%

West Palm Beach, FL: +2.1%

Looking at year-over-year statistics, 16 metropolitan areas reported price declines, with the most pronounced drops occurring in:

San Antonio, TX: -5.1%

Jacksonville, FL: -4.4%

Minneapolis, MN: -3.8%

In contrast, the largest increases were observed in:

San Francisco, CA: +15.2%

Chicago, IL: +9.3%

New York, NY: +9.2%

3. About Redfin and Rocket Companies

Redfin operates as a technology-driven real estate company and boasts the country's most-visited real estate brokerage website. As an affiliate of Rocket Companies (NYSE: RKT), Redfin is developing an integrated homeownership platform that encompasses the entire process from searching to closing, aimed at making homeownership more accessible and affordable.

Clients utilizing Redfin's services can benefit from on-demand tours, seamless home loan applications through Rocket Mortgage, and substantial fee savings while collaborating with top local agents.

For those interested in more comprehensive data, including charts and metro-level specifics, further information can be found on Redfin's dedicated news page.

As the housing market continues to evolve, the insights provided by Redfin pave the way for potential homebuyers and investors to navigate these changing dynamics effectively.

Original press release