- U.S. home prices in April nudged down 0.1%, the first month-over-month decline since September 2022.
- Home prices rose 4.1% year over year—the smallest increase since July 2023.
- Half of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Charlotte (-1%).
U.S. home prices ticked down 0.1% in April on a seasonally adjusted basis, the first month-over-month decline since September 2022.
Home prices were up 4.1% on a year-over-year basis, down from 4.9% growth in March. That’s the lowest annual price growth since July 2023.
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. April data covers the three months ending April 30, 2025. Read the full RHPI methodology here.
April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It’s worth noting that April’s decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision.
Redfin Senior Economist Sheharyar Bokhari said home prices are essentially flat for two reasons:
- Demand is down: Buyers are adopting a wait and see approach, with the impact of U.S. tariff policies and a potential recession weighing heavily on their decision to make major purchases. With more buyers on the sidelines, pending home sales were down 3.5% month over month on a seasonally adjusted basis in April.
- Supply is up: The total number of homes for sale is at a five-year high—mainly because homes aren’t selling. That’s leading sellers to offer concessions at near-record levels.
“Home prices are flat, and that’s good news for buyers after years of rapid increases,” said Bokhari. “But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.”
Metro-Level Summary: Redfin Home Price Index, April 2025
Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month.
The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%).
Written by: Mark Worley