US Median Home Listing Price Drops 2.4% YoY in May, Largest Decline Since 2017
The median listing price of existing US homes fell 2.4% year-over-year to $429,500 in May, the largest annual drop since at least 2017. Prices declined in 35 of the 50 largest metropolitan areas, with Memphis leading at -13.0%.
May data from The Kobeissi Letter shows the median listing price of existing US homes fell 2.4% year-over-year to $429,500, the largest annual decline since at least 2017. On a per-square-foot basis, prices dropped 2.5% YoY.
Price declines were widespread, with 35 of the 50 largest US metros recording lower listing prices. Memphis led with a 13.0% drop, followed by Buffalo (-11.6%), Austin (-9.5%), Los Angeles (-7.9%), and San Diego (-5.6%).
The decline represents a sharp reversal from June 2022, when the annual growth rate peaked at +18.0%. The swing of more than 20 percentage points reflects continued pressure from elevated mortgage rates, weakening buyer demand, and rising CPI inflation, which has increased for four consecutive months, further squeezing affordability.
Source: The Kobeissi Letter