ICE Mortgage Monitor: Home Prices Cool Heading Into the Spring Home-Buying Season, Led by Condos
Early look at March HPI data shows condo prices fell year over year for the first time in more than a decade
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, released its April 2025 ICE Mortgage Monitor Report, which reveals a notable cooling in home price growth as the 2025 spring home buying season begins. According to an early look at March data from the enhanced ICE Home Price Index (HPI), annual home price growth has decelerated to 2.2%.
The newly enhanced ICE HPI now provides an early look at same-month home price trends and a mid-month update, delivering insights both more frequently and weeks ahead of other industry benchmarks. Additionally, ICE has added new datasets and enhanced the index models to include MLS closing data and daily loan-level servicer-contributed information, which enables it to provide more accurate pricing with data from non-disclosure states.
“Analysis of ICE HPI data shows a broad-based cooling of home prices, with 90% percent of U.S. markets experiencing slower home price growth compared to three months ago,” said Andy Walden, Head of Mortgage and Housing Market Research for ICE. “This trend is being driven by improved inventory levels, which are up 27% over last year, and stabilized mortgage rates, which dipped below 6.6% in early March and have been holding in the 6.6%-6.7% range.”
“Early March data shows condo prices dropping for the first time in more than a decade, with the largest impacts in the Sunbelt, most notably in Florida,” remarked Walden. “While falling condo prices can erode equity levels among existing condo owners, they also afford modest relief to those looking to prospective home buyers. In fact, 95% of U.S. markets have experienced at least slight improvements in affordability compared to a year ago.”
Key findings from the April Mortgage Monitor report:
- Home prices are softening across the country: Annual home price growth slowed to +2.7% in February, with early data for March showing further cooling to +2.2%.
- Condo prices decreased annually for the first time in more than a decade: Condo prices lagged single family price growth in 97 of the 100 largest U.S. markets and were down in more than a third of those markets.
- Florida condo prices dropped the most: Markets such as North Port (-9.4%) and Lakeland (-7%) saw significant YoY price slips, with other markets, including Tampa (-5.8%), Orlando (-4.4%), Jacksonville (-4.4%) and Miami (-2.8%) not too far behind.
- Florida’s homeowners face some unique challenges: Back-to-back hurricanes, combined with rising property insurance costs, insurability challenges, slowing migration and new construction have combined to lower home prices in most major Florida markets.
- Condo challenges aren’t limited to Florida: A surge in multifamily completions has created price pressure across the country, especially in metro regions such as Little Rock, Ark. (-6%), Austin, Texas (-5.6%), and Denver (-3.9%).
Further detail, including charts, can be found in this month’s Mortgage Monitor.
About the ICE Home Price Index
With data from more than 20,000 ZIP codes, the ICE HPI delivers a granular price picture for all single-family property types and conditions, including short sales and lender-owned real estate. It is compiled using a variety of ICE data sources – including its MLS, public records, and servicer-contributed, loan-level data – to provide a highly accurate and reliable resource for market analysis.
Source: Intercontinental Exchange
