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Cincinnati leads price surge at 8.4% while Dallas and San Jose see biggest declines
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The median U.S. monthly housing payment fell to nearly the lowest level in two years, but it could have fallen even more if not for still-rising sale prices, according to a recent Redfin report.
The monthly housing payment fell to $2,413 during the four weeks ending Jan. 11. However, the national median home-sale price still climbed, up 1% year over year. That's down significantly from the 4% to 5% increase at the start of 2025, according to the brokerage's Thursday report.
In certain areas, however, prices rose at a much faster clip. For instance, in Cincinnati, Ohio, the median home-sale price climbed 8.4% year over year – more than eight times the national increase.
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Detroit and Philadelphia weren't far behind, with the median home-sale price rising 6.5% and 5.8% year over year, respectively.
The median home-sale price rose 6.5% on an annual basis. (Roberto Machado Noa/LightRocket via Getty Images)
The metros that saw the biggest declines were mainly in the South and on the West Coast. For instance, the top declines were Dallas and San Jose, California, which saw median home-sale prices dip 4.4% and 3.7% year over year, respectively.
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About 15 metros overall saw their median home-sale price decline in the four weeks ending on Jan. 11.
A view of the Philadelphia skyline. (Jumping Rocks/Universal Images Group via Getty Images)
While fewer people are buying and selling homes, with pending home sales falling 5% year over year, and new listings declining 4.7%, Redfin economists projected that there may be an improvement in pending sales soon due to the latest decline in mortgage rates.
The average rate on the 30-year fixed mortgage fell to 6.06%, the lowest since September 2022, Freddie Mac reported on Thursday.
Here are the top five metros with the biggest increases:
Detroit, Michigan – 6.5%
Philadelphia, Pennsylvania – 5.8%
Chicago, Illinois – 5.6%
Warren, Michigan – 5.6%
The Wrigley building in Chicago, Illinois. (Al Drago/Bloomberg via Getty Images)
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Here are the top five metros with the biggest decreases:
Dallas, Texas – -4.4%
San Jose, California – -3.7%
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Jacksonville, Florida – -2.7%
Oakland, California – -2.4%
Portland, Oregon – -1.8%