Overview

• Median U.S. home sale price reached $440,997 in May, marking the highest for the month but only 0.7% year-over-year growth, the slowest since June 2023.
• Oakland, California, Jacksonville, Florida, and Dallas, Texas, led metros with year-over-year price declines of 6.7%, 5.2% and 4.6% respectively.
• Active listings climbed to a five-year high and homes lingered on the market for 38 days, shifting negotiating power to buyers.
• Only 31.2% of homes sold above their list price in May, the lowest share in five years, while canceled purchase agreements hit a May record.
• Redfin forecasts that national home prices will begin showing year-over-year declines by late 2025 if current conditions continue.