Home Prices Grow at Slowest Pace in Nearly 2 Years

• Home prices, while at a record high for this time of year, are growing at the slowest clip since 2023 because sellers outnumber buyers. Active listings hit a 5-year high in May, while existing-home sales hit a 7-month low.

• It took 38 days for the typical home to go under contract—the slowest May pace since 2020—and sales were canceled at the highest May rate on record.

• Florida’s housing market saw the biggest slowdown in sales and the biggest uptick in days on market. The Midwest is holding up relatively well when it comes to sales, while the Northeast is holding up best when it comes to prices.

The median U.S. home-sale price rose 0.7% year over year in May—the slowest growth since June 2023. Still, last month’s median sale price of $440,997 was the highest of…