Realtor.com Median List Price Falls 2.4% to $429,500, Pending Sales Up 4.3%
NWS•Realtor.com’s May 2026 report shows national median list price fell 2.4% year-over-year to $429,500—the steepest annual drop since 2017—while new listings hit 474,976, the highest May level since 2022. Pending sales rose 4.3% year-over-year for a sixth straight month, and new listings in the Northeast and Midwest jumped 8.6% and 4.7%, signaling sustained user engagement that could boost Realtor.com ad revenues.
1. Steep Annual Price Decline
May’s national median list price dropped to $429,500, down 2.4% year-over-year—the sharpest annual decline since 2017—and price per square foot fell 2.5%, marking record annual drops in both metrics.
2. Buyer Engagement Strengthens
Pending sales climbed 4.3% year-over-year for the sixth consecutive month, with contract signings up 3.5%, demonstrating that lower list prices are translating into increased buyer activity despite mortgage rates above 6.5%.
3. Regional Inventory Surge
New listings reached 474,976—the highest May total since 2022—with the Northeast up 8.6% and the Midwest up 4.7% year-over-year, while the South and West saw flat inventory growth, indicating a shift in market dynamics across regions.
