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. 

Existing-home sales rose in Broward County but fell elsewhere in the region.

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. 

Nationally, home sales slid 3.5% year over year but rose 8.6% month over month, RE/MAX said. 

Homebuilder sentiment recently reached its third-lowest level since 2012. 

The Mortgage Bankers Association said the post-Memorial Day increase came despite economic uncertainty and largely static interest rates. 

The Northeast and Midwest remained strong, while Florida, which saw a major runup in prices in recent years, continued to cool. 

That’s good news for buyers, who have considerably more options than their counterparts in tighter markets on the East Coast.

The 6.3% month-over-month decline was the steepest the U.S. market has seen since September 2022. 

In Miami, home prices posted a 1.78% year over year gain in March, while they dipped 0.17% month over month — one of only two declines in the 20 cities covered in the index. 

Nationally, home sales slid 1.4% year over year but increased 11.3% month over month, RE/MAX said. 

The association noted, however, that 90% of the responses to its survey tracking homebuilder sentiment were received before the announcement of a 90-day reprieve in U.S.-China tariffs. 

The most recent Weekly Mortgage Applications Survey shows homebuyer activity continued despite the economic uncertainty.