The median U.S. home sale price rose 2.5% year over year in March to $431,057, according to Redfin. That marks the slowest annual growth rate since September 2023 and is a steep drop from the 5% to 6% increases seen in late 2024 and early 2025.

On a metro level, prices fell in 10 of the 50 most populous U.S. markets, largely in Texas and Florida.

The deceleration in price growth comes as the housing market contends with an increase in supply and subdued demand. Only 27% of homes sold for more than the asking price in March - the lowest share for that month since

The median monthly housing payment in the U.S. hit a record $2,819 this week, due to elevated mortgage rates and home prices. The affordability squeeze is pushing many would-be buyers out of the market, Redfin said.

One in five prospective buyers said they planned to sell stock to help fund a down payment, but stock market swings driven by tariff policies may upend these plans.