List prices during June were down 2.5% from one year earlier, marking the steepest annual decline since 2017 and the eighth consecutive month of price drops, according to data from Realtor.com.
The regional year-over-year median list price declines ranged from -4.0% in the West to -2.5% in the South and -1.0% in the Northeast, while the Midwest saw no movement (0.0%). The national median list price was $430,000 in June, essentially flat from May but down 2.5% from a year ago.
June’s pending sales were up 3.7% year-over-year for the seventh straight month of growth. And for the first time in 26 months, homes spent no more time on market than they did one year earlier.
“Eight straight months of falling prices and seven straight months of rising pending sales are not a contradiction – and they have to be considered together to get a full picture of what’s happening in housing right now,” said Danielle Hale, chief economist at Realtor.com. “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. This is a welcome sign that we are in a functioning market.”
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