03:09 PM EDT, 06/24/2025 (MT Newswires) -- Redfin (RDFN) said Tuesday that US home prices fell 0.1% in May on a seasonally adjusted basis, marking the fourth monthly drop in the past decade.

Home prices rose 3.6% from a year ago in May, down from 4.1% growth in April, the first time annual price growth has been below 4% since July 2023, the company said.

The homebuying market is cooling as sellers significantly outnumber buyers. Redfin noted that less than one-third of homes that sold in May went for over their asking price, the lowest May share in five years.

"More 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," said Redfin Senior Economist Sheharyar Bokhari.

Price: 11.74, Change: +0.20, Percent Change: +1.69