Seasonal Uptick Returns National House Prices to Near-Peak Levels, According to First American Data & Analytics Monthly Home Price Index Report

—Spring demand boosts prices nationally, though most major markets remain flat or below year-ago levels, says Chief Economist Mark Fleming—

SANTA ANA, Calif.--(BUSINESS WIRE)--First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its April 2026 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here.

April¹ National House Price Index

First American Data & Analytics’ National Non-Seasonally Adjusted (NSA) HPI
Metric	Change in HPI
March 2026-April 2026 (month over month)	0.2 percent
April 2025-April 2026 (year over year)	0.0 percent

Highlights

• Annual house price appreciation remained below 1 percent for the eighth consecutive month in April.
• House price growth reported in last month’s HPI for February 2026 to March 2026 was revised up by +0.3 percentage point, from +0.3 percent to +0.6 percent.

“While annual house price growth is essentially flat nationally, a slight uptick in monthly appreciation suggests the typical spring home-buying season lift is buoying the housing market, though modestly relative to historical norms,” said Mark Fleming, chief economist at First American. “Nationally, prices are now just shy of the peak reached last May, indicating the market has found a balance between affordability constraints, available inventory and buyer demand.”

April 2026 Local Market Price Tier Highlights

The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.

“Regional divergence remains the defining feature of today’s housing market,” said Fleming. “While Midwestern and Northeastern markets continue to post annual price gains, 21 of the top 30 markets we track are either flat or below year-ago price levels. The 9.6 percentage point spread between Chicago, the strongest-performing market, and Austin, Texas, the weakest, illustrates just how localized housing market conditions have become.”

April 2026 First American Data & Analytics Price Tier HPI Highlights

Core-Based Statistical Areas (CBSAs) Ranked by Greatest Year-Over-Year Increases in Starter Tier HPI
CBSA	Change in Starter Tier HPI	Change in Mid-Tier HPI	Change in Luxury Tier HPI
St. Louis	+8.0 percent	+3.7 percent	+3.0 percent
Cambridge, Mass.	+5.3 percent	-0.2 percent	+3.1 percent
Chicago	+3.1 percent	+3.7 percent	+5.5 percent
Pittsburgh	+2.6 percent	+2.4 percent	-0.5 percent
Anaheim, Calif.	+1.3 percent	+1.2 percent	+2.7 percent

Additional April 2026 First American Data & Analytics HPI Highlights

Core-Based Statistical Areas (CBSAs) with Greatest Year-Over-Year Increases in HPI
CBSA	Change in HPI
Chicago	+4.4 percent
Cambridge, Mass.	+3.8 percent
St. Louis	+2.9 percent
New Brunswick, N.J.	+2.1 percent
Pittsburgh	+1.7 percent
Core-Based Statistical Areas (CBSAs) with a Year-Over-Year Decrease in HPI
Austin, Texas	-5.2 percent
Houston	-4.8 percent
Oakland, Calif.	-4.1 percent
Tampa, Fla.	-3.2 percent
San Antonio	-2.9 percent

HPI data for all 50 states and the largest 30 CBSAs by population is available here.

Visit the First American Economic Center for more research on housing market dynamics.

Next Release

The next release of the First American Data & Analytics House Price Index will take place the week of June 22, 2026.

April 2026 First American Data & Analytics House Price Index: Frequently Asked Questions

Q: Are U.S. home prices rising or falling in the 2026 Spring Home-Buying Season?
A: Nationally, home prices are relatively stable as the spring home-buying season reaches its peak months. While some Midwest and Northeast markets continue to post gains, many large housing markets remain flat or below year-ago price levels.

Q: Why are home prices essentially flat year over year, but increasing month over month?
A: The housing market appears to have settled into a balance between affordability constraints, available inventory and buyer demand, while regional economic conditions continue to drive significant differences between local markets.

Q: Which regions saw the strongest house price growth in April?
A: Midwestern and Northeastern markets continue to lead in annual price growth. Cities like Chicago, Cambridge, Mass. and St. Louis are among the top performers, while many markets in the South and West are still experiencing year-over-year price declines.

Q: Which housing markets saw the largest house price declines in April?
A: Among major metropolitan areas, Austin, Texas, Houston, Oakland, Calif., Tampa, Fla., and San Antonio recorded the largest annual house price declines in April 2026.

Q: What is the First American Data & Analytics HPI?
A: The First American Data & Analytics HPI measures changes in single-family home prices across the United States using a repeat-sales methodology. It tracks price movements at the national, state, and metropolitan (Core-Based Statistical Area) levels and includes starter, mid-tier, and luxury price segments.

Q: How current is the First American Data & Analytics HPI data?
A: The HPI tracks home price changes less than four weeks behind real time, making it one of the timeliest measures of U.S. home price trends available.

Q: Who produces the First American Data & Analytics HPI?
A: The HPI is produced by First American Data & Analytics, a division of First American Financial Corporation (NYSE: FAF), using more than 46 million paired real estate transactions and the industry’s largest property and ownership dataset.

Q: When will the next HPI report be released?
A: The next First American Data & Analytics Home Price Index report is scheduled for release during the week of June 22, 2026.

First American Data & Analytics HPI Methodology

The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e. the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available.

The HPI uses a repeat-sales methodology, which measures price changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included.

Disclaimer

Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2026 by First American. Information from this page may be used with proper attribution.

About First American Data & Analytics

First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest public records property and ownership dataset that includes more than 8.6 billion document images. Its major platforms and products include: DataTree^® property data, FraudGuard^® risk solution, RegsData^® compliance suite, Procision™ AVM, and TaxSource™ property tax reporting. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced risk intelligence solutions at www.FirstAmDNA.com.

About First American

First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement, and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 135 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $7.5 billion in 2025, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2026, First American was named one of the 100 Best Companies to Work For by Great Place to Work^® and Fortune Magazine for the eleventh consecutive year. More information about the company can be found at www.firstam.com.

¹ The most recent index results are subject to revision as data from more transactions become available.