Share this article!

The volume of homes that were actively listed for sale in July was up 36.6% year-over-year, according to new data from Realtor.com. July’s inventory level is a post-pandemic high, while the share of listings with price cuts totaled 18.9%, the highest rate since October.

The total number of homes for sale in July increased by 22.6%, up slightly from June’s level of 22.4% and also the ninth straight month of increases. Regionally, the South and the West experienced the greatest year-over-year listing gains at 47.6% and 35.4%, respectively. In comparison, the Midwest and Northeast inventories are still below pre-pandemic levels by 46.8% and 55.5%, respectively.

And while more homes are available for sale, the amount of time that homes are spending on the market is also growing. During July, the typical home spent 50 days on the market, which is the fourth month in a row where time spent on market is more than it was during the previous year.

“In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year,” said Realtor.com Senior Economist Ralph McLaughlin. “These are signs that the housing market is healing from an unhealthy state and becoming more balanced.”