Home prices continue to rise in many parts of the country, even as the broader housing market begins to slow in several key areas.

A new report from the National Association of Realtors finds that home prices rose year over year in 71 percent of the 235 metro areas it tracked in the first few months of 2026, with 167 markets posting gains and 68 recording declines. That marks only a slight dip from the end of last year, when 73 percent of markets saw prices increase.

The strongest gains are in the Northeast, where limited housing inventory continues to push prices higher. Median home prices in the region are up 4.9 percent year over year to $506,500. The Midwest is also holding steady, with prices rising 3.6 percent to $308,100.

The West, however, is softer than the rest of the country. Home prices there are down 2.9 percent compared to a year ago. Even so, it remains the most expensive housing market in the U.S., with a median home price of $607,600.

“Home prices continued to increase in many markets, boosting housing wealth for most homeowners,” Lawrence Yun, chief economist at NAR, says in the report.

Across the country, the median price for an existing single-family home is up half a percent year over year to $404,300. Some cities are seeing especially large increases. Akron, Ohio, leads the country, with prices climbing a whopping 12 percent, followed by Anchorage, Alaska, at 10.4 percent, and Albany, New York, at 9.3 percent.

The ultra-luxury market, however, looks very different. Earlier this year, a report from Compass found that sales of homes priced above $10 million generated more than $38 billion in 2025. Wealthy buyers continue to snap up eight- and nine-figure trophy homes in places like New York City, Miami, and Los Angeles, showing that the top end of the housing market is still moving much faster than the rest of the country.

That trend is also spreading beyond the usual luxury hubs. A recent report from Realtor.com finds that 13 U.S. housing markets now have more than half of all homes listed above $1 million, including destinations like Nantucket, Massachusetts; Jackson, Wyoming; and Santa Barbara, California, where luxury real estate is increasingly becoming the standard.