Home prices rose in more than 80% of U.S. metro areas in the first quarter of 2025 — even as affordability remained stretched and fewer markets posted double-digit gains.

According to the National Association of Realtors (NAR), 189 of 228 metro areas (83%) saw year-over-year increases in the median price for existing single-family homes. That’s a slight decline from 89% in the fourth quarter of 2024.

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President Donald Trump’s trade war has turned perceptions of the U.S. economy upside down, and data is beginning to trickle in on how tariffs might impact consumer behavior in the housing market.

The latest numbers come from Fannie Mae‘s Home Purchase Sentiment Index, which measures consumer attitudes on housing using six questions from a national survey. The survey was conducted from April 1-18.

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Florida’s housing markets were as hot as any after the COVID-19 pandemic began, but now they’re among the coldest.

Stubbornly high mortgage rates, rapidly rising inventory and macroeconomic headwinds are impacting housing markets all over the country, but Florida is notable for both how far it’s fallen and how much it’s slumping.

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