U.S. Home Prices Barely Budged in February

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. That’s according to a new report by Redfin, the real estate brokerage powered by Rocket. Prices 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 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. Strong buyer’s market slows home price growth Price growth is muted because it’s the strongest buyer’s market in recent history—for those who can afford to buy. 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.” Home prices are falling in 16 major metros Home prices fell month over month in 16 of the 50 most populous U.S. metropolitan areas 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%). To read the full report, including a chart, additional metro-level data and a full methodology, please visit: https://www.redfin.com/news/home-price-index-february-2026.