{"id":80200,"date":"2025-06-24T09:14:53","date_gmt":"2025-06-24T16:14:53","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=80200"},"modified":"2025-06-24T09:14:53","modified_gmt":"2025-06-24T16:14:53","slug":"home-price-index-may-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-price-index-may-2025\/","title":{"rendered":"U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">U.S. home prices in May ticked down 0.1% on a seasonally adjusted basis\u2014only the fourth time in the past decade when prices have posted a monthly decline.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Home prices rose 3.6% year over year\u2014the first time annual growth has been below 4% since July 2023.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">32 of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Charlotte, NC (-2.7%).<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">U.S. home prices edged down 0.1% in May on a seasonally adjusted basis. Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022\u2014when mortgage rates were peaking.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices rose 3.6% on a year-over-year basis in May, down from 4.1% growth in April. It was the first time annual price growth has been below 4% since July 2023.<\/span><\/p>\n<div id=\"viz1750781352702\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;HB&#47;HBXFMNB3N&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"path\" value=\"shared\/HBXFMNB3N\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/HB\/HBXFMNB3N\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1750781352702');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices, but is a month ahead\u2014Redfin is releasing RHPI results today for May as Case-Shiller results are being posted for April.\u00a0 May data covers the three months ending May 31, 2025. Read the full RHPI methodology<\/span> <a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The homebuying market is cooling because sellers <\/span><a href=\"https:\/\/www.redfin.com\/news\/sellers-vs-buyers-price-impact\/\"><span style=\"font-weight: 400;\">significantly outnumber<\/span><\/a><span style=\"font-weight: 400;\"> buyers. <\/span><span style=\"font-weight: 400;\">Less than <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-cool-still-at-record-may-high\/\"><span style=\"font-weight: 400;\">one-third<\/span><\/a><span style=\"font-weight: 400;\"> (31.2%) of homes that sold in May went for over their asking price, the lowest May share in five years.<\/span><span style=\"font-weight: 400;\"> At the same time, pending sales are ticking down and inventory is still rising.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSellers are starting to feel pressure because many buyers have put their home search on pause in response to high housing costs, elevated mortgage rates and economic uncertainty,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cMore sellers are likely to adjust their price expectations in the coming months as they see examples of the market shifting in favor of buyers, like homes selling below asking prices. Still, home price trends are always local and some areas\u2014particularly on the East Coast\u2014continue to see strong growth.\u201d<\/span><\/p>\n<h3><strong>Metro-Level Summary: Redfin Home Price Index, May 2025<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Prices fell from a month earlier in 32 of the 50 most populous metro areas on a seasonally adjusted basis in May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The biggest decline was in Charlotte, NC (-2.7%), followed by San Francisco (-1.3%) and Seattle (-1.3%). Prices increased most in Nassau County, NY (2.1%), San Diego (1.6%) and Fort Lauderdale, FL (1.5%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a year-over-year basis, five major metros are still posting double-digit growth: New York (12.4%), Nassau County, NY (11.3%), Detroit (11.2%), Philadelphia (11%) and Chicago (10.2%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the other end of the spectrum, Tampa, FL posted a 5.5% decline in prices from a year ago\u2014the biggest drop of any major metro. Next came Austin, TX (-3.6%) and San Antonio, TX (-2.4%).<\/span><\/p>\n<div id=\"viz1750781559176\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;K8&#47;K8GM8J88S&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"path\" value=\"shared\/K8GM8J88S\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/K8\/K8GM8J88S\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1750781559176');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1450px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. home prices in May ticked down 0.1% on a seasonally adjusted basis\u2014only the fourth time in the past decade when prices have posted a monthly decline. Home prices rose 3.6% year over year\u2014the first time annual growth has been below 4% since July 2023. 32 of the 50 most populous U.S. metros recorded a [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":77376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[20,623,659,670],"dashboard":[],"coauthors":[682],"class_list":["post-80200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-national","tag-redfin-home-price-index","tag-rhpi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Home Prices Edged Down 0.1% in May<\/title>\n<meta name=\"description\" content=\"U.S. home prices edged down 0.1% in May on a seasonally adjusted basis. 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Home prices have only posted a month-over-month decline three other times in records dating back to 2012: April 2025, and August-September 2022\u2014when mortgage rates were peaking.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/home-price-index-may-2025\/","og_locale":"en_US","og_type":"article","og_title":"U.S. Home Prices Edged Down 0.1% in May, Only the Fourth Monthly Drop in the Past Decade","og_description":"U.S. home prices edged down 0.1% in May on a seasonally adjusted basis. 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