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While homebuyers across the nation are receiving some relief when it comes to the prices of single-family homes, the same can’t be said for Massachusetts.

According to data from The Warren Group, the publisher of Banker & Tradesman, Massachusetts’ median single-family home price rose 4.7 percent in May to $666,125. In Greater Boston, that figure rose by 4.4 percent to $835,000.

Nationally, price growth is slowing down as the median U.S. home-sale price rose 0.7 percent year over year in May, the slowest growth since June 2023 according to a new report from Redfin.

“The market has been shifting in buyers’ favor, but it doesn’t feel that way to many Americans because homebuying costs remain near record highs,” Redfin Senior Economist Asad Khan said in a statement. “Buyers may gain more negotiating power in the coming months as more sellers face a tough reality: Sellers no longer hold all the cards.”

Part of the reason for price growth slowing nationally is due to the increased supply of homes. Redfin reports that active listings have hit their highest level since March 2020, rising 16.2 percent on a seasonally adjusted basis. The Massachusetts Association of Realtors reported that inventory increased by 6.17 percent in May on a year-to-year basis.

Additionally, Redfin reported that 31.2 percent of homes that sold in May went for over their asking price, the lowest share of homes in May in five years. Also, 59,000 home-purchase agreements were canceled in May, equal to 14.6 percent of homes that went under contract that month. That’s the highest May percentage dating back to 2017 and is up from 14 percent in 2024.