Overview

• National home prices rose just 2.7% year-over-year in April, marking the smallest gain in nearly two years, according to the S&P CoreLogic Case-Shiller Index.
• Redfin data show 11 of the 50 largest US metros saw year-over-year price declines in May, led by Oakland, Jacksonville and Dallas.
• Active listings reached a five-year high in May, and the share of homes selling above list price dropped to 31.2%, the lowest rate for any May in five years.
• Canceled purchase agreements hit a record 15% rate in May, and roughly 6% of sellers now risk selling below their original purchase prices.
• High mortgage rates near 7% and stretched affordability continue to weigh on demand, prompting forecasts of a more selective market driven by local fundamentals.