03:41 PM EDT, 06/23/2025 (MT Newswires) -- US home prices in May rose annually at the slowest pace in almost two years as sellers outnumbered buyers, according to a Redfin (RDFN) report published Monday.

Median prices increased 0.7% year over year to $440,997, the slowest growth since June 2023. Prices edged up 0.6% sequentially, according to the real estate brokerage.

Last month's price was the highest May level in Redfin's records dating back to 2012.

"The market has been shifting in buyers' favor, but it doesn't feel that way to many Americans because homebuying costs remain near record highs," Redfin Senior Economist Asad Khan said.

Home prices fell in 11 of the 50 most populous US metropolitan areas, with Oakland in California, Jacksonville in Florida, and Dallas leading the declines in May, Redfin said.

"Buyers may gain more negotiating power in the coming months as more sellers face a tough reality: sellers no longer hold all the cards," Khan said.

With mortgage rates still high near 7%, existing-home sales hit the lowest since October at a seasonally adjusted annual rate of 4.21 million in May, down 0.3% year on year and flat sequentially, Redfin said.

Pending home sales rose 0.7% year on year, but were down 0.4% from April.

Price: 11.48, Change: +0.24, Percent Change: +2.14