U.S. home prices posted their biggest year-over-year gain in more than a year in April, driven in part by a renewed flurry of buyer activity, Redfin said Tuesday. The online brokerage’s analysis found the national median sales price climbed to $396,173 in April — up 1.6% from March and 2.4% from April 2025 — the largest annual increase since March 2025.
Redfin attributed much of the uptick to buyers returning to the market as fears of a recession eased. “Economic indicators, including unexpectedly strong hiring in April, likely helped fuel a pop in housing demand,” the company said, noting that pending home sales in April reached their highest level since February 2023. The analysis covered the 50 most populated U.S. metropolitan areas.
The picture across metros was uneven. Prices surged 10.7% year over year in the San Francisco metro — pushing median values above $1.7 million — while Dallas recorded a 3.8% decline, leaving its median just under $409,000. Redfin’s data did not include any Utah markets in the 50-metro sample; separately, Redfin lists the Salt Lake City area median at $586,250 for March, a 13% increase from a year earlier.
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Despite April’s gains, Redfin warned the market remains muted compared with recent years. Homes are still taking longer to sell than they did a year ago, and sales and listings remain below pre-pandemic levels, the company said. The April increase also remains far short of the fevered growth seen during the pandemic: year-over-year gains topped roughly 24% in May 2021.
Mortgage markets have been a mixed influence. Freddie Mac reported a 30-year fixed-rate mortgage averaged 6.37% for the week ending May 7, up from 6.30% the prior week but below the 6.76% average of a year earlier. Zillow, in its response to the April jobs report, called labor-market data “Stabilizing, Not Accelerating,” saying its own housing data show a resilient market with sales barely matching year-ago levels. Zillow added that while mortgage rates were below 6% earlier this year, they rose again after geopolitical and energy-price shocks late in February, complicating affordability.
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Redfin’s broader take reflects the tension in the market: modestly firmer demand and higher asking prices in many metros, but persistent structural constraints and buyer caution. As long as inventory remains low and employment stays firm, modest price gains may continue; however, analysts caution the rebound is fragile and could reverse if borrowing costs climb or job growth softens.
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