U.S. Home Prices Ticked Up 0.2% in March, the Slowest Pace Since 2022

• Home prices ticked up 0.2% month over month in March, the slowest pace since December 2022.
• On a year-over-year basis, home prices rose 4.6%, down from 5.1% growth the month before.  It was the 11th consecutive month that annual growth had slowed.
• Twenty of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Columbus, OH (-0.7%).

U.S. home prices ticked up 0.2% from a month earlier in March on a seasonally adjusted basis, the slowest pace since December 2022.

Home prices were up 4.6% on a year-over-year basis, down from 5.1% growth in February. That’s the 11th consecutive month that annual growth has slowed and the first time it dipped below 5% since August 2023.

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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. It’s similar to the S&P CoreLogic Case-Shiller Home Price Indices but is published more than one month earlier. March data covers the three months ending March 31, 2025. Read the full RHPI methodology here.

The RHPI has only recorded month-over-month price declines on two occasions, both in mid-2022, when spiking mortgage rates cooled the market dramatically. Since then, prices have grown relatively steadily, with most months seeing gains of between 0.4% and 0.6%. 

Price growth is slowing because homebuying demand isn’t keeping up with the rising number of homes for sale. There are a few parts of the country, particularly in the Midwest, where demand is holding up, but generally buyers are backing off. 

“Homes are taking longer to sell and prices are falling in some areas because fear of a broader economic slowdown is pushing many would-be buyers to the sidelines,” said Redfin Senior Economist Sheharyar Bokhari. “New tariffs are adding to the economic uncertainty and prices may slow even further in coming months. With housing costs at near-record highs, that’s a silver lining for a buyer who has to move right now, as there will be more room for negotiation.” 

Metro-Level Summary: Redfin Home Price Index, March 2025

Home prices fell in 20 of the 50 most populous U.S. metro areas on a seasonally adjusted basis in March, month over month. 

The biggest decline was in Columbus, OH (-0.7%), followed by Denver (-0.6%) and San Jose, CA (-0.6%). Prices increased most in San Francisco (2.7% month over month), Nassau County, NY (2.6%) and Milwaukee (1.7%).

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