Realtor.com reported that national list prices fell 2.5% from a year earlier in June, while pending sales rose for a seventh straight month and homes stopped lingering longer than they did last year.
By yourNEWS Media Newsroom
Home shoppers may be seeing more room to negotiate this summer as national list prices recorded their steepest June decline in nearly a decade, according to a new Realtor.com report.
The July 1 report found that home list prices fell 2.5% in June compared with the same month last year, the largest year-over-year drop since 2017. The national median list price stood at $430,000, roughly unchanged from May but lower than June 2025.
The price per square foot also declined, falling 2.1% from a year earlier.
The data suggest the housing market may be shifting toward better balance after years of high prices, limited supply and elevated mortgage rates that strained affordability.
Realtor.com said homes spent a median of 53 days on the market in June. That marked the end of a 26-month stretch in which homes were selling more slowly than they had one year earlier.
Pending sales increased 3.7% from June 2025, rising for the seventh consecutive month.
“Eight straight months of falling prices and seven straight months of rising pending sales are not a contradiction,” Realtor.com chief economist Danielle Hale said in the report. “Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids.”
The share of listings with price reductions reached 18.8% in June. That was down 1.9% from a year earlier, suggesting sellers may be pricing homes more realistically at the outset rather than relying on later markdowns.
After peaking at $449,000 in June 2022, the national median list price has fallen 4.2%.
Regional trends, however, varied sharply.
The West has seen the steepest retreat from the June 2022 peak, with median list prices down 7.3%. The South followed with a 3.5% decline.
The Northeast and Midwest moved in the opposite direction, with median list prices up 12.6% and 10%, respectively, from June 2022.
“The two Americas story in housing is now four years in the making,” Realtor.com senior economist Jake Krimmel said in the report. “In the West and South, prices gave ground back as affordability limits were tested. In the Midwest and Northeast, supply stayed tight enough and demand strong enough that prices kept climbing even through a historic rate shock.”
On a year-over-year basis, prices fell 4% in the West, 2.5% in the South and 1% in the Northeast. Midwest prices were flat.
Inventory also continued to increase. Realtor.com tracked 1.103 million active listings nationwide in June, up 4.1% from May and 1.9% from June 2025.
New listings rose 2.4% from a year earlier to 463,480. The Northeast posted the strongest increase in new listings, up 12.6%.
Market speed differed by region. Homes in the Northeast sold faster than they did a year earlier, while the Midwest and West saw modest increases in time on the market. Days on market were unchanged in the South.
Among the nation’s 50 largest metropolitan areas, list prices fell in 28 and rose in 22 over the past four years.
Memphis, Tennessee, posted the largest year-over-year decline in June, with prices falling 12.9% to a median list price of $302,500.
Austin, Texas, saw a 9.8% decline. Buffalo, New York, fell 9.1%, and Los Angeles dropped 7%. Even after that decline, Los Angeles had a median list price of $1.10 million.
Virginia Beach posted the strongest annual price increase among major metros, rising 5.8% to a median of $439,100. Chicago rose 3.8%, while Hartford, Connecticut, increased 3.5%.
The San Jose-Sunnyvale-Santa Clara metro area in California remained the most expensive major market in the country, with a June median list price of $1.39 million despite a 1% year-over-year decline.
Pittsburgh had the lowest median list price among the major metros at $259,900, up 1.9% from a year earlier.
Krimmel said July could bring additional price reductions as the housing market typically cools after the spring buying season.
“We’ll be watching whether homes start sitting longer, whether price cuts accelerate beyond the usual summer ramp up, and whether new listings genuinely pull back or just flatten out,” he said.
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