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Redfin (NASDAQ: RDFN) reports that U.S. condo prices experienced their second-largest decline on record in May 2025, falling 2.2% year-over-year to $354,100. This significant drop contrasts with single-family home prices, which rose 0.5% to $462,206.
The condo market slowdown is marked by an 11.9% decrease in sales, with properties taking an average of 46 days to sell - the longest May duration since 2015. The market imbalance shows approximately 80% more condo sellers than buyers, primarily driven by rising HOA fees, insurance costs, and special assessments.
Regionally, Florida and Texas markets showed the steepest declines, with Deltona, FL recording a 32.2% price drop. Conversely, eastern markets demonstrated resilience, with New Brunswick, NJ seeing a 14.9% price increase. The report highlights particular challenges in Florida, where new regulations following the 2021 Surfside collapse have led to increased HOA fees and special assessments, further dampening demand.
Redfin (NASDAQ:RDFN) reports a significant slowdown in the U.S. housing market, with new listings showing the smallest increase in five months at just 2.5% year-over-year. The market is experiencing notable headwinds, with pending home sales falling 2.3% year-over-year, marking the largest decline in three months.
Home prices reached a record high of $400,266, up 1.6% year-over-year, while mortgage rates remain elevated near 7%. Market dynamics are shifting in buyers' favor, with 20 of the 50 most populous metro areas seeing declining listings, led by Tampa (-15.2%), San Antonio (-14.4%), and Orlando (-11.1%). The median monthly mortgage payment stands at $2,820, slightly down from May's record high.
Redfin (NASDAQ: RDFN) has released a report detailing May's most expensive home sales, with a $110 million Bel Air estate topping the list. The top 10 sales were concentrated in three regions: Southern California (4 properties), Florida (4 properties), and Manhattan (2 properties), with all homes selling for over $30 million.
The report also highlights current luxury listings, with Florida dominating the market. The two most expensive active listings are Florida oceanfront estates priced at $285 million and $210 million respectively. All top 10 current listings are priced above $125 million, with extended market times exceeding 120 days compared to the typical 38-day U.S. home sale period.
Redfin (NASDAQ: RDFN) reports that U.S. home prices decreased 0.1% in May 2025 on a seasonally adjusted basis, marking only the fourth monthly decline in the past decade. The year-over-year price growth slowed to 3.6%, dropping below 4% for the first time since July 2023.
The cooling market is characterized by sellers outnumbering buyers, with only 31.2% of homes selling above asking price in May - the lowest May share in five years. Among the 50 most populous metros, 32 areas experienced price declines, with Charlotte (-2.7%), San Francisco (-1.3%), and Seattle (-1.3%) showing the largest drops. Conversely, five major metros maintained double-digit annual growth, led by New York at 12.4%.