US Home Prices Were Nearly Flat in February as Large Markets Split Evenly Between Gains and Declines
Homes.com analysis finds 19 large markets rising and 19 falling amid muted national price growth
Homes.com, a CoStar Group (NASDAQ:CSGP) leading online residential marketplace, released a new report today analyzing home price trends through February 2026, including details across major metros and house types.
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U.S. Sale Prices Key Indicators
In February 2026, home prices in the U.S. showed almost no change year over year, as the housing market continued its gradual transition away from the overheated conditions of the early 2020s, according to the latest Homes.com data. The national median home price reached $375,885, just 0.2% higher than February 2025 and only 0.4% above January 2026.
Beneath that stable national number, price movement varied widely across the 40 large markets tracked by Homes.com, with an equal number experiencing increases and declines.
"The February data highlight a market that has settled into a more normal pattern, with prices holding close to where they were a year ago," said Brad Case, Chief Residential Economist at Homes.com. "What stands out is the balance: Some markets are still seeing gains while others are giving back a little of their earlier run‑up."
Midwestern and select coastal markets led price gains
Four of the five largest increases were in relatively affordable markets—St. Louis at 8.1%, Baltimore at 4.9%, Chicago at 4.5%, and Kansas City at 3.7%—while supply constraints continued to drive prices higher in San Francisco at 5.3%. These patterns highlight the role of affordability in supporting steady price growth in Midwestern markets and the influence of tight for‑sale supply in certain coastal markets.
Former high‑growth markets posted modest price declines
Several markets that surged earlier in the decade are now experiencing modest pullbacks. Denver fell 4% from a year ago, Boston declined 3.7%, Austin decreased 3.5%, Sacramento slipped 3.1%, and Los Angeles edged down 2.2%. While these declines remain limited in size, they reflect a gradual rebalancing in markets where affordability pressures have been most intense.
The price landscape was defined by balance rather than extremes
Underlying housing‑market indicators, such as gradually rising inventory and slightly longer selling times, help explain why the national trend is essentially flat. Those shifts did not produce a broad-based price correction, but they did contribute to local variation in price direction.
"Flat national appreciation can mean price gains in Chicago and Baltimore at the same time as price declines in Denver and Austin," Case said. "That's a sign of normalization, not weakness."
Price stability remained the defining theme of early 2026.
February's numbers point to a market characterized by stability rather than volatility. National appreciation is close to zero, regional patterns are mixed rather than uniform, and no large market is seeing severe upward or downward price movement. Early 2026 is shaping up to be one of the most balanced pricing environments in recent years.
About Homes.com
The Homes.com Network is the fastest-growing residential real estate marketplace and the second largest in the United States. Homes.com is a brand of CoStar Group (NASDAQ:CSGP), a global leader in commercial real estate information, analytics, and online marketplaces, which acquired the platform in 2021.
Homes.com is the first major U.S. real estate portal to focus first on helping homeowners and their agents leverage the marketing power of the internet to bring more potential buyers to their listings. Homes.com's unparalleled content and search capabilities bring millions of buyers and sellers to the site where they can seamlessly connect with agents. On average, Homes.com's Members are winning 60% more listings* because they offer the home sellers a real estate portal that works for them not against them.
The Homes.com Network reached an audience of 108 million average monthly unique visitors in 2025** Consumer brand awareness skyrocketed from 4% to 33% in just one year since CoStar Group launched the industry's largest marketing campaign to date in February 2024, reintroducing the platform to the market. For more information, visit Homes.com.
*Based on internal analyses comparing Members to non-Members on Homes.com.
** Homes.com Network (which includes Homes.com, the Apartments Network, and the Land Network) average monthly unique visitors (108 million) for the year ended December 31, 2025, according to Google Analytics.
About CoStar Group
CoStar Group (NASDAQ:CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world's real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group's major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia's leading property marketplaces. CoStar Group's industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible, STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
CoStar Group's websites attracted over 139 million average monthly unique visitors in the fourth quarter of 2025, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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Media Contact:
Matthew Blocher
CoStar Group
(202) 346-6775
[email protected]