BREAKING: The median listing price of existing US homes fell -2.4% YoY in May, to $429,500, the largest annual decline since at least 2017. On a per-square-foot basis, prices declined -2.5% YoY. This comes as listing prices fell in 35 of the 50 largest US metros, with Memphis leading at -13.0%. Buffalo followed at -11.6%, Austin at -9.5%, Los Angeles at -7.9%, and San Diego at -5.6%. In total, this represents a swing of more than 20 percentage points from the peak annual growth rate of +18.0% seen in June 2022. This comes as mortgage rates remain elevated, buyer demand continues to weaken, and CPI inflation has risen for the 4th consecutive month, further squeezing affordability. The US housing market correction is gaining momentum.(The Kobeissi Letter)