July Housing Report Shows Cooling Market with Price Cuts and Steady Buyer Demand
The U.S. housing market is experiencing a seasonal slowdown in July, according to Realtor.com®'s latest report. Sellers are increasingly adjusting prices as the summer progresses, while buyer demand remains steady enough to keep pending sales rising for an eighth consecutive month. The national median list price was $428,950 — down 2.4% year-over-year but stable compared to June. Price reductions now affect 20.0% of active listings, narrowing the gap with last July's pace and signaling a market that is cooling rather than collapsing. The report highlights regional variations in price trends: while prices fell most sharply in the West and South, they rose slightly in the Midwest and Northeast on both an absolute and per-square-foot basis. The median time homes spent on the market was 57 days — one day less than a year ago but four more than June — aligning with pre-pandemic norms for July.
Topics: median_listing_price pending_sales_growth price_reductions