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- The median home price in May was $442,500, up from $441,000 in 2023, according to Realtor.com.
- Still, several big US cities saw home prices drop in May compared to the same time period in 2023.
- Miami saw the biggest decline — home prices fell by 11.2% year-over-year to $439,000.
The adage "what goes up must come down" is especially true in the real-estate market, where a slowdown in homebuying has led to price declines in cities across the country.
The median sales price for the entire US actually went up a bit — to $442,500 — in May from the previous May, which means buying a home hasn't become significantly more affordable for the typical American since last year.