The national median list price was $428,950 in July, essentially unchanged from June but down 2.4% from one year before. According to a data report from Realtor.com, July marked the ninth consecutive month of annual price declines.
At the same time, the share of listings with a price reduction rose to 20.0%, just 0.6 percentage points below last July’s level, while pending sales increased 1.3% year-over-year, extending their growth streak to eight months.
Sellers reduced prices on 20.0% of active listings in July, up 1.2 percentage points from June and down 0.6% year-over-year. On a regional measurement, price cuts were least common in the Northeast, at 13.7% of listings, and the Midwest, at 18.7%. In contrast, price-cut shares remain below last year’s levels in the South, at 21.3%, and West, at 21.9%.
The median home spent 57 days on the market in July, four days longer than in June but one day less than in July 2025. This marked the first outright annual decline after 26 consecutive months.
“July’s data show a market that is cooling seasonally, not coming apart,” said Danielle Hale, chief economist at Realtor.com. “Sellers are making more price adjustments as summer progresses, and buyers are responding more selectively, but homes are still going under contract at a faster pace than last year. The key question for the months ahead is whether price reductions help sustain buyer engagement or signal that sellers are getting ahead of softer demand.”
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