National House Prices Reach New High in Slow Motion, According to First American Data & Analytics Monthly Home Price Index Report

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—House prices set a new peak, despite muted annual appreciation, as limited supply continues to provide upward pressure on home values, says Chief Economist Mark Fleming— SANTA ANA, Calif., June 30, 2026--(BUSINESS WIRE)--First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its May 2026 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here. May1 National House Price Index Highlights "National house prices are making history in slow motion," said Mark Fleming, chief economist at First American. "While annual house price growth remains below 1 percent, the price level reached a new historical peak this month. Unlike the pandemic-era housing boom, when double-digit appreciation quickly pushed prices higher, today's record reflects the cumulative effect of small monthly gains rather than rapid price acceleration. Although inventory continues to increase compared with a year ago, the pace of inventory growth nationally has moderated, and supply remains below pre-pandemic norms, limiting both upward and downward pressure on prices." May 2026 Local Market Price Tier Highlights The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution. "Housing market divergence is not just a regional story—it's also a story of market segments," said Fleming. "While many local markets continue to navigate affordability challenges, overall, the luxury tier has remained more resilient than the starter and mid-tier segments. Years of house price appreciation and stock market gains have boosted wealth for many higher-income households, while accumulated housi...

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