Home prices climbed in 75 percent of U.S. metropolitan areas in the second quarter of 2025 compared to a year earlier, according to a new report by the National Association of Realtors (NAR).

These increases are happening even as inventory surges across the country and demand is made sluggish by historically elevated mortgage rates, sky-high prices, and growing economic uncertainty.

But the latest figures show a slowdown in the pace of price growth across the country. In the first quarter of the year, as many as 83 percent of U.S. metros reported annual increases in home prices—8 percent more than in the second quarter. Only 5 percent of metros reported double-digit increases between April and June, down from 11 percent between January and March.

What Is Happening in the US Housing Mark

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