BREAKING: The median US condo sale price declined -2.2% YoY in May, to $354,100, marking the second-largest decrease since at least 2012. The only time condo prices dropped by a larger amount was in April 2023, by -2.9%. Meanwhile, condo sales plunged -11.9% YoY, the most since June 2024, and more than 3 TIMES the decline in sales of single-family homes, which fell by -3.7%. Overall, combined sales of condos and single-family homes fell to their lowest level for any May since 2020. This comes as there are ~80% more condo sellers than buyers in the market, according to Redfin. We are seeing some early signs of a housing cool down.