First American report reveals dynamic regional housing shifts
Beyond national averages, the Real House Price Index (RHPI)—which measures property values relative to changes in local household income and interest rates—shows varied trends across local housing markets.
Affordability mechanics and purchasing power
Nominal median household income grew 3.2% compared to June 2025 and an impressive 50.4% since June 2016. However, unadjusted home prices sit 66.7% above the 2006 housing boom peak, reflecting ongoing structural supply shortages that continue pushing baseline values upward.
When home prices are adjusted for income growth and consumer purchasing power, real house prices actually sit 7.2% below that historic 2006 peak. Conversely, unadjusted house prices remain 31.2% higher than levels recorded in January 2000.
Key national purchasing power metrics include:
- Consumer Buying Power: Decreased 0.3% month-over-month; increased 6.8% year-over-year.
- Median Household Income: Rose 3.2% year-over-year; rose 50.4% since June 2016.
- Real House Prices: Adjusted prices sit 7.2% below 2006 peak levels; unadjusted prices sit 31.2% above 2000 levels.
Regional split across local markets
The June 2026 Real House Price Index (RHPI) figures highlight stark differences across state lines. Northern and mountain states saw real house prices rise year-over-year, led by Montana (+1.9%), Wyoming (+1.8%), Idaho (+1.4%), Nebraska (+1.1%), and Maine (+1.0%). Buyers in these regions face diminishing affordability as home price gains outpace wage growth.
