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In June, the national median list price fell 2.5% year over year to $430,000, the steepest annual decline since 2017, while pending home sales rose 3.7% from a year ago, marking a seventh straight month of gains. That’s according to Realtor.com’s latest housing update.
Here are the other key takeaways from the report:
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Prices are broadly weaker, not just shifting – Price per square foot also fell 2.1% year over year, confirming the drop isn't just a function of different types of homes coming onto the market — actual home values are cooling.
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Inventory keeps climbing, but slowly – Active listings rose 1.9% from a year ago (and 4.1% from May), though supply remains 11.3% below typical pre-pandemic (2017–2019) levels.
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Homes aren't taking longer to sell, for the first time in over two years – The typical home spent 53 days on the market, identical to a year ago, ending a 26-month streak in which homes had been sitting longer each year. Pending home sales rose 3.7% year over year, the seventh consecutive month of annual gains.
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Sellers are adjusting to reality – 18.8% of listings saw a price cut in June, down from a year ago, suggesting more sellers are pricing realistically from the start rather than cutting later.
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Buyers are sticking with their contracts – Contract cancellations held at 6.9% of pending sales, down from 7.3% a year ago, suggesting buyers are more confident as the market stabilizes.
MY TAKE
The market is unfreezing, not crashing — sellers are finally caving on 2022-peak prices and buyers are stepping back in. That's why prices, pending sales, and cancellations are all moving the "healthy" direction at once instead of the usual panic pattern. But I'd hold off calling it a turnaround: the national number hides a real split (West and South are actually correcting while the Northeast and Midwest keep climbing), and this trend is only a month old heading into the slowest season of the year — with Realtor.com's own economist already flagging softer signs right behind this report.
Until Next Week,
Ken
P.S. If you're looking to buy a home in the next few months, you'll want to check out my book, 'YOUR STEP BY STEP GUIDE TO BUYING A HOME.' You can find the digital version here, www.KensBuyingSecrets.com.
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