Home prices fell -0.1% MoM in May 2025, marking only the fourth monthly decline in the past decade.

• YoY price growth slowed to 3.6%, down from 4.1% in April, the weakest since July 2023.
• 32 of the 50 largest metros posted MoM price declines, led by Charlotte (-2.7%), San Francisco (-1.3%), and Seattle (-1.3%).
• Nassau County (+2.1%), San Diego (+1.6%), and Fort Lauderdale (+1.5%) saw the largest MoM gains.
• YoY, New York (+12.4%), Nassau County (+11.3%), and Detroit (+11.2%) led price increases; Tampa (-5.5%) saw the largest YoY decline.
• Less than 1 in 3 homes sold above asking price, and pending sales are slipping as inventory rises.