Year-over-year home price growth in the U.S. slows to 0.7% in May, the slowest pace since June 2023, while median sale price reaches $440,997, the highest May on record, according to Redfin.
Homes take a median of 38 days to go under contract in May, the slowest May pace since 2020, as purchase cancellations rise to 14.6%, the highest May rate on record.
Active listings rise 16.2% year over year to 1,960,258, the highest level since March 2020 .
The share of homes that sell above their final list price falls to 31.2%, the lowest May share in five years.
New listings fall 2.9% month over month to 546,228 and rise 2.9% year over year, marking the slowest annual gain since November.
Eleven of the 50 largest U.S. metros see year-over-year price declines, led by Oakland (–6.7%), Jacksonville (–5.2%) and Dallas (–4.6%).
Redfin predicts home prices will start declining on a year-over-year basis by the end of 2025 and forecasts mortgage rates will remain near 7% for the rest of the year.
