New York led all major cities with a robust 7.9% annual gain, followed by Chicago (6.0%) and Detroit (5.5%). At the other end of the spectrum, Tampa slipped 2.2%, while Dallas dipped 0.2%, making them the only two metros to post annual declines. San Francisco managed just a 0.2% gain, with Phoenix and Miami barely positive at 1.3% and 1.4%, respectively.
“What’s particularly striking is how this cycle has reshuffled regional leadership, markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace,” Godec added. “This rotation signals a maturing market that’s increasingly driven by fundamentals rather than speculative fervor.”
Monthly trends showed continued, if weaker, seasonal strength. The National Index posted a 0.6% increase before seasonal adjustment in April, with both the 10-City and 20-City Composites up 0.7%.
“April’s monthly performance showed continued seasonal strength but with notable cooling from March’s peak,” Godec said, adding that the divergence between raw and seasonally adjusted numbers suggests “the market’s seasonal rhythms may be dampening as affordability pressures intensify.”
Redfin senior economist Sheharyar Bokhari emphasized the growing pressure on sellers as buyers retreat.