Housing News

Attention Homebuyers: 99% of Major Housing Markets are More Affordable Than Last Year

It’s more affordable to buy a home in the vast majority of the country than it was last year. And that’s despite mortgage interest rates rebounding after falling to their lowest level since September 2022.

In fact, 99 of the 100 largest housing markets in March were more affordable in 2026 than they were in 2025, according to a new report from Intercontinental Exchange (ICE).

Some of the major cities that are more affordable now include Cleveland; Memphis, Tenn.; Oklahoma City; Detroit; San Antonio, Texas; Chicago; and Pittsburgh.

The only major market out of the top 100 that was less affordable than last year is New Haven, Conn.

It’s more affordable to buy a home due to lower mortgage interest rates and more homes being available for sale.

“That combination is helping this spring market feel better supplied and more balanced than in recent years,” said Andy Walden, head of mortgage and housing market research at ICE, in a statement.

The largest gains in affordability are coming from three of the nation’s most populous states, California, Florida, and Texas, according to the report.

Mortgage rates remain below 2025. That’s even with the recent increase to the mid-6% range due to the ongoing conflict in Iran and global economic uncertainty.

That helped to make push affordability this March to a four-year best. It was the most affordable month of March since 2022.

Prospective homebuyers are also likely to have more choices, as the number of homes on the market is rising as well.

The report showed that the number of homes for sale increased by 8% year-over-year in March. While this is an improvement from 2025, these figures still trail the pre-pandemic norms by 11%, according to ICE.

The largest gains in the number of homes on the market were in Seattle, up 11%; Colorado Springs, Colo., up 10%; Spokane, Wash., up 9%; Denver, up 9%; and Austin, Texas, up 7%.

The number of homes for sale in all five of these housing markets was at least 40% above their pre-pandemic averages, according to the report. That makes them prime targets for homebuyers who are looking to make a deal, as sellers may have less competition over their properties as buyers have more options to choose from.

The report also showed that the number of homes on the market has risen in more than 70% of the major markets in the last six months. That gives buyers in those markets more opportunities to negotiate.