Overview
- Realtor.com reported that the national median list price stood at $428,950 in July, down 2.4% from a year earlier and marking the ninth straight month of annual asking‑price declines.
- Sellers increased price reductions in July, with 20.0% of active listings seeing a cut, a month‑over‑month rise that brings cut rates close to last year’s levels.
- The stock of pending listings was 1.3% higher year over year for a continued streak of annual gains, but momentum slowed from stronger growth in May and June.
- Active listings rose modestly to about 1.13 million, keeping total inventory roughly 11.6% below 2017–2019 norms, while median days on market fell to 57 days, returning to pre‑pandemic July pacing.
- Regional outcomes diverged sharply with the West and South showing larger price drops and metros such as Portland, Denver, and Dallas recording the biggest share of cuts, and economists say August indicators on price cuts and pending sales will show whether the market stays balanced for buyers and sellers.