Homes continue to get more expensive in the U.S.
New data from the online real estate brokerage Redfin shows a 0.25% increase in home prices nationwide in September, describing the hike as “in line with the modest gains we have seen since spring.”
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The growth rate is only slightly more than the 0.21% reported in August. But this September’s number is 3.8% higher than the same month a year ago, the fastest annual growth rate since June 2025.
The steady increases come despite buyers having the most negotiating power in a decade, Redfin said, citing sellers who are willing to wait for better offers and even pulling their homes off the market for keeping “a floor under prices.”
A strong luxury market is also credited with “propping up prices” in some places. In San Francisco, there are complaints about a “mansion shortage” to meet the demands of wealthy buyers profiting from the area’s artificial intelligence industry boom.
The September data, covering three months ending Sept. 30, is based on what Redfin calls the repeat-sales pricing method that measures seasonally adjusted changes in the price of single-family homes in the country’s 50 most populous metropolitan areas.
Where home prices are changing the most
Pennsylvania saw the biggest jumps in home prices last month, with a 1.9% increase in Philadelphia and a 1.3% increase in Pittsburgh. The metro areas rounding out the top 5 are Miami, also at 1.3%, and Chicago and San Francisco, both at 1%.
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Home prices dropped the most in Texas, Redfin reported, with a 0.9% drop in prices in September in Fort Worth, followed by New Brunswick, New Jersey, down 0.6%; then Dallas, Seattle and Nassau County, New York, all falling 0.4%.
It was San Francisco that recorded the country’s largest year-over-year increase, with prices up 14% last month from September 2025. Only six of the 50 metro areas had year-over-year decreases, five in Texas and Seattle.
What homes sold for in Utah
No metropolitan areas in Utah were included in Redfin’s analysis, but Salt Lake Board of Realtors spokesman Dave Anderton said the median price paid for all types of homes sold in Salt Lake County in September fell 1% year over year but single family homes saw a 1.5% increase.
The median price for all housing types dipped to $550,000 last month, while the median price for single-family homes rose to $650,000, Anderton said, and sales were down 10% for all homes sold compared to September 2025, and 11% for single-family homes.
Statewide, the median sales price for a home in Utah hit $530,000 last month, up 1.9% compared to September 2025, according to Utah Association of Realtors spokeswoman Deanna Devey.
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