U.S. Median List Prices Fall 2.4% in May as New Listings Hit 4-Year High
Updated
Updated · Weekly Real Estate News · Jun 3
U.S. Median List Prices Fall 2.4% in May as New Listings Hit 4-Year High
3 articles · Updated · Weekly Real Estate News · Jun 3
Summary
$429,500 was the national median list price in May, down 2.4% from a year earlier—the steepest annual drop in Realtor.com data since 2017 and the seventh straight monthly year-over-year decline.
2.5% was the annual drop in price per square foot, also a series record, as sellers increasingly priced homes more realistically before listing rather than cutting later.
Pending sales rose for a sixth straight month, while price reductions also declined, suggesting buyers are responding to better initial pricing despite higher rates and geopolitical uncertainty.
New listings reached their highest May level since 2022, with supply growth strongest in the Northeast at 8.6% and the Midwest at 4.7%, while the South and West lagged.
Realtor.com said June will test whether momentum in the Northeast and Midwest holds and whether macro pressure in the South and West starts lifting cancellation rates.