U.S. Median List Price Falls 2.4% to $429,500 as Pending Home Sales Rise 4.3%
Updated
Updated · HousingWire · Jun 22
U.S. Median List Price Falls 2.4% to $429,500 as Pending Home Sales Rise 4.3%
3 articles · Updated · HousingWire · Jun 22
Summary
$429,500 was the national median list price in May, down 2.4% from a year earlier in the steepest annual decline since Realtor.com began tracking the measure in 2017.
17.5% of listings had price cuts, down from 19.1% a year earlier, signaling sellers are pricing more realistically upfront rather than chasing the market lower.
4.3% growth in pending home sales marked a sixth straight monthly gain as buyers re-entered, while new listings reached 474,976—the highest May level since 2022.
35 of the 50 largest metros posted lower price per square foot, which fell 2.5%, pointing to a broad market cooldown rather than isolated weakness.
The mix of softer prices, rising supply and returning demand suggests a normalization phase after years of tight inventory and overheated conditions.