U.S. Home Prices Rise 1.4% as Metro Markets Diverge

Real Estate Today Staff

First American Data & Analytics reported a 1.4% annual increase in U.S. home prices for August 2026, with prices rising 0.2% from July. The national result came alongside significant differences among major metropolitan markets, including stronger gains in Chicago, Hartford and New York and declines in several Sun Belt markets.

Key Takeaways

U.S. home prices increased 1.4% year over year in August 2026.
Prices rose 0.2% between July and August.
Annual home price growth remained below the long-term average of 3.4%.
Chicago recorded the strongest annual price growth among the 50 largest metropolitan markets at 5.5%.
Dallas recorded a 5.0% annual decline, with several other major markets also posting declines.

U.S. Home Prices Increase 1.4% in August

First American Data & Analytics reported that U.S. home prices increased 1.4% year over year in August 2026, while the national index rose 0.2% from July. The August figures show that price growth continued at a pace below the long-term average used by the data provider.

The annual increase was measured against the same month a year earlier, while the monthly gain compares August with July. Together, the figures provide two measures of the latest movement in U.S. home prices.

The national result also masks substantial differences among metropolitan markets. First American’s data showed that some major markets recorded annual price increases well above the national rate, while others posted declines.

Chicago recorded the strongest annual price growth among the 50 largest metropolitan markets, with prices increasing 5.5% from a year earlier. Hartford followed with a 5.3% increase, while New York recorded a 5.2% gain.

The figures place the performance of those markets well above the national 1.4% increase. They also show that the national home-price figure does not describe the experience of every U.S. housing market.

Annual Price Growth Remains Below the Long-Term Average

August marked another month in which U.S. home price growth remained below First American’s long-term average of 3.4%. The 1.4% annual increase was two percentage points below that benchmark.

The comparison provides a longer reference point for the August result. It measures current annual price growth against the average rate recorded over nearly three decades.

The monthly increase of 0.2% was smaller than the annual increase because it measures movement over a single month rather than a 12-month period. The two figures therefore describe different aspects of the same August housing-price data.

The national figure also needs to be considered alongside the metropolitan results. A 1.4% increase at the national level can coexist with substantially stronger gains in some cities and falling prices in others.

First American’s metropolitan data provides a more detailed view of those differences. The 50 largest metropolitan markets included markets with annual gains above 5% as well as markets with annual declines.

The combination of a 1.4% national increase and wide differences among metropolitan areas makes location a central factor in interpreting the August data. The national result alone does not indicate whether prices increased or decreased in an individual market.

Midwest and Northeast Markets Post Stronger Gains

Chicago, Hartford and New York were among the major markets recording the strongest annual increases in August. Their respective gains of 5.5%, 5.3% and 5.2% were more than three times the national 1.4% increase.

Those figures show that home-price performance varied considerably even among large U.S. metropolitan areas. The differences are visible in the annual comparison rather than only in the latest monthly movement.

For readers tracking local property values, the metropolitan figures provide a more specific measure than the national average. The data separates markets with above-national price growth from those experiencing declines.

Chicago Leads Major Metropolitan Markets in Price Growth

Chicago recorded a 5.5% annual increase in home prices in August, the strongest gain among the 50 largest metropolitan markets included in First American’s data.

Hartford followed with a 5.3% annual increase, while New York recorded a 5.2% gain. Each market therefore posted annual price growth substantially higher than the 1.4% national figure.

The three markets also illustrate the scale of the differences recorded in August. Chicago’s annual increase was 4.1 percentage points higher than the national rate. Hartford’s gain was 3.9 percentage points higher, and New York’s was 3.8 percentage points higher.

These differences matter when national housing data is used to assess individual markets. A national increase does not mean every metropolitan area is experiencing comparable price movement.

First American’s expanded metropolitan coverage makes it possible to compare the national result with individual large markets. The August figures show that some markets were recording annual appreciation several percentage points above the national rate.

The data also identifies markets moving in the opposite direction. Dallas recorded an annual decline, creating a sharp contrast with the gains recorded in Chicago, Hartford and New York.

For additional context on regional differences in residential markets, starter-home inventory trends provides recent data on how housing availability has varied across U.S. regions.

Dallas and Other Markets Record Annual Price Declines

Dallas recorded a 5.0% year-over-year decline in home prices in August, according to First American’s metropolitan data. The decline was substantially different from the 1.4% increase recorded nationally.

Several other major markets also recorded annual price declines. Austin, San Antonio, Tampa and Denver also recorded annual price declines.

The results show that price declines were not limited to a single metropolitan area. At the same time, the reported figures do not indicate that every market in a particular region moved in the same direction.

Dallas’s 5.0% decline represents a 6.4-percentage-point difference from the national 1.4% increase. The comparison illustrates the scale of the variation between individual metropolitan markets and the national measure.

Austin, San Antonio, Tampa and Denver also recorded declines, adding to the number of major markets where annual home prices were lower rather than higher.

The metropolitan differences give homeowners, buyers, sellers and real estate professionals a more localized reference point for assessing price conditions. National data provides a broad measure, while market-level figures show the direction of prices in specific areas.

For sellers, the distinction between national and local price movement means a national increase does not establish the direction of prices in a particular metropolitan market. Buyers and homeowners likewise face local conditions that may differ from the national result.

Recent seller pricing adjustments also provide context on how asking prices and completed-sale prices can move differently within the U.S. housing market.

First American Expands Metropolitan Home Price Coverage

First American Data & Analytics expanded its home-price reporting to cover the 50 largest metropolitan areas, providing additional detail alongside the national August figure.

The expanded coverage includes price information across major U.S. metropolitan markets and makes it possible to compare individual markets with the national 1.4% annual increase.

First American’s data also separates prices into starter, mid-tier and luxury categories. The additional price-tier detail provides another level of comparison within the housing market.

The August report therefore contains both a national measure and more localized information. The national index recorded a 1.4% annual increase and a 0.2% monthly increase, while the metropolitan figures showed a much wider range of results.

Chicago’s 5.5% annual increase and Dallas’s 5.0% decline demonstrate that range. Hartford and New York also recorded annual increases above 5%, while Austin, San Antonio, Tampa and Denver were among the markets with annual declines.

The long-term comparison provides another reference point. The national 1.4% annual increase remained below First American’s 3.4% long-term average, while the metropolitan data showed that individual markets could perform considerably differently from the national measure.

The August figures give readers separate measures for national home-price growth, monthly movement and metropolitan performance. Together, those measures provide a more detailed view of U.S. residential property prices than the national annual figure alone.