Home sales fell 8% month over month and 4.5% year over year to 5,147 transactions, GAMLS said in its 12-county Housing Market Snapshot. 

NAR’s report — which surveyed nearly 5,000 Realtor members — also found that the typical agent took on 10 transactions in 2024, the same as a year prior.

Home-purchase activity remained elevated from 2024, but a cloudy economic outlook has deterred some would-be homebuyers. 

Geographically, the only region to post a monthly increase in pending sales was the Northeast, where they rose 2.1%, according to NAR’s Pending Home Sales Index.

Nationally, the pace of home-price appreciation declined to its slowest pace in almost two years, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

At the same time, the pace of existing-home sales declined from May’s level. 

Nationally, home sales rose 5.7% year over year and 1.3% month over month, RE/MAX said. 

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

Purchase applications hit their highest level since February 2023. 

Home sales were up 8.4% year over year, while the median sales price slid 2.8%. 

At the same time, houses spent longer on the market while inventory surged.

May’s 1.8% monthly gain follows a 6.3% drop in April, the National Association of REALTORS® said. 

The pace of home-price appreciation slowed to its most modest pace since 2023, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The median-sales price for an existing home rose 1.3% year over year to $422,800.