According to the Redfin Home Price Index, U.S. home prices continue to grow, up 0.3% month over month in May. This may appear to be a slight uptick from April’s 0.2% increase, but it is the largest growth rate of 2026.
Year-over-year, the average for housing growth sits at 2.5%, continuing the rise of the last six months.
The largest regional increases are reported in the Midwest, with both Cleveland (2.5%) and Columbus, Ohio (1.3%) in the top five cities overall. Posting the most declines are metros in the West, with Riverside, Calif. (-1.9%), San Jose, Calif. (-1.7%) and San Francisco (-1.3%) dropping month to month.
“Buyers got a boost from lower mortgage rates in the spring, and that momentum is showing up in prices,” said Sheharyar Bokhari, a senior economist at Redfin. “And even though there are many more home sellers than buyers in the market, the most desirable homes are still attracting multiple offers, driving up prices.”
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