Combine the peaches, honey, almond extract, a pinch of salt and 1 cup water in a medium saucepan over high heat. Bring to a boil and cook until the peaches begin to soften and the liquid has reduced by half, 8 to 10 minutes.
Grease an 8-by-8-inch baking dish with 1 tablespoon of the butter. In a medium bowl, mix together the flour, sugar, cinnamon, remaining 2 tablespoons butter and a pinch of salt. Slowly add the milk, whisking to break down the lumps of butter. Pour the batter into the prepared baking dish. Spoon the peaches and most of their syrup over the top of the batter and immediately transfer to the oven.