Home Prices Down Slightly in April

April marked the first month-over-month decline in home prices since September 2022
May 20, 2025
2 min read
167146648 © Andrii Yalanskyi | Dreamstime.com
Green arrow pointing down next to wooden model home indicates a fall in home prices
Though slight, home prices fell for the first time since September 2022.

While home price growth has stagnated for the past several months, April saw home prices drop slightly, marking the first month-over-month decrease since September 2022. As of April, home prices declined by 0.1%, and on a year-over-year basis, home prices were up 4.1%. Comparatively, in March 2025, home prices were up 4.9%, according to real estate marketing platform Redfin’s Home Price Index.

This shift is likely due to wavering homebuyer demand. With many would-be homebuyers concerned about a potential recession, pending home sales fell by 3.5% month-over-month in April.

Home prices are flat, and that’s good news for buyers after years of rapid increases. But even with prices softening, affordability remains a major hurdle. Elevated mortgage rates and high prices mean that many buyers are stretching their budgets to make a purchase.

- Redfin senior economist Sheharyar Bokhari

Where are prices falling the most?

Home prices fell in half of the 50 most populous metro areas in April, but the biggest price drop was recorded in Charlotte, N.C. There, prices fell by 1%. This was followed by Virginia Beach, Va., and Miami, where prices fell by a respective 1% and 0.7%.

With a recorded 1.8% month-over-month increase, prices grew the most in Nassau County, N.Y. Warren, Mich. and New York also saw price increases of 1.3% and 1.2%, respectively.

Home price growth has been slowing for a while

 

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