Market outlook
July began where June left off—a gentle steadying with modest mortgage rate relief and news of inflation ticking down. But that more settled backdrop did not last for long. The conflict in Iran reignited, oil crossed $100 a barrel for the first time since May, and mortgage rates reached 2026-highs with inflation pressure bubbling under the surface too. These are the same shocks that hit the housing market earlier this year, but the timing is trickier this go round. Spring’s geopolitical shocks and economic fallout hit a housing market with seasonal momentum at its back, while this summer’s flare-up arrives with no such tailwind.
The July Realtor.com® data show a market coasting but not outright decelerating. Asking prices fell for a ninth straight month, homes are selling a bit quicker than a year ago, and pending sales grew for an eighth straight month. This comes even as that growth cooled and price cuts crept back toward last year’s levels. Nothing in July looks like last summer’s seller retreat, but whether we are in a normal seasonal slowdown or something softer will become clearer next month.
In This Report
July’s top storylines, according to the data
Asking prices fell for a ninth straight month at a near-record pace.
Median list prices dropped 2.4% year over year, following June’s record (since 2018) 2.5% drop. Price per square foot fell 2.0% and is now declining in 34 of the top 50 metros, up by one from last month.
Price cuts are converging with last year’s pace—led by a surprising pair of regions.
The share of listings with a cut hit 20.0% in July, just 0.6 percentage points less than in 2025 after running nearly two points below it all spring. Notably, the Northeast (+1.0 percentage points) and Midwest (+0.3) are now cutting above their year-ago rates.
Summer is slowing on schedule.
Pending sales rose for an eighth straight month (+1.3% YoY), though the pace has cooled from May’s +4.1%; new listings were unchanged year on year, after tracking above 2025 all spring. When the weather gets hot, market activity cools off.
Key questions
Q: Mortgage rates are drifting back up and oil prices recently hit their highest levels since May. How will the housing market handle renewed pressure in the second half of 2026?
A: The first half of 2026 was a story of initial promise followed by resilience, as the housing market fought through inflation, economic uncertainty, and a mortgage rate roller coaster. But that resilience had seasonal help, because spring is when housing demand ramps up. Looking forward, renewed rate volatility and inflation may land differently in the coming slower season. Our revised midyear forecast penciled in mortgage rates around 6.3% for the rest of the year, but that view was predicated on easing Middle East tensions. With the Iran conflict heating back up and oil prices at their highest level since May, that rate outlook may prove too optimistic. It looks like we’ll be on “housing market resilience watch” for the foreseeable future.
Q: In June we said we’d judge a potential summer slowdown by three tests: homes sitting longer, price cuts accelerating, new listings pulling back. What’s the verdict?
A: The jury is still out. There are no signs of time on the market increasing, but price cuts are creeping up and new listings have pulled back. The key is to read metrics together, especially within the same markets, rather than in isolation or at national levels. If price cuts lead to sales and steady time on the market, they are not a warning sign so much as a marker of a rebalancing toward buyers, a key takeaway from our 2026Q2 Market Clock report.
Q: What should we be monitoring heading into August?
A: Price cuts, pending sales, and delistings—in tandem. Those three were the hallmarks of last year’s Cruel Summer: Sellers cut prices at the highest rate in our data’s history, pending sales fell anyway as buyers largely said, “No, thanks,” and delistings surged as sellers gave up. As of July, all three are performing better than last year, although price cuts are creeping up. August’s data will tell us whether we’re in the midst of a normal seasonal slowdown or, if all three are moving in the wrong direction, the beginning signs of a stagnant market.
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Core metrics: July 2026
Median list price: $428,950
- vs. previous month: Essentially flat (-0.2%)
- vs. previous year: Down 2.4%, the ninth straight month of falling year-over-year list prices, and slightly below last month’s 2.5% drop
Price per square foot—a gauge of home values that accounts for the size of homes on the market—again fell less sharply than the headline price: -2.0% year over year, versus -2.1% last month.
At the regional level: Year-over-year median list prices fell in three of the four regions: -3.9% in the West, -2.5% in the South, and -1.4% in the Northeast. Prices were up 0.2% in the Midwest. When adjusting for home size, median list prices per square foot rose in the Midwest (+1.8%) and the Northeast (+0.6%), while the South (-2.9%) and West (-1.2%) continued to fall.
At the metro level: The median list price per square foot is falling in 34 of the top 50 metros, up from 33 last month. The largest per-square-foot declines were in Austin (-8.5%), Memphis (-6.0%), and Tampa (-4.8%); the largest gains were Providence (+8.3%), Indianapolis (+4.8%), and Hartford (+4.5%).
Active listings: 1,126,252
- vs. previous month: Up 2.1%
- vs. previous year: Up 2.1%
Year-over-year active listings growth remains in the low single digits. Inventory growth has been slow and steady in recent months, as the national inventory recovery has stalled out. Nationwide inventory is 11.6% below typical 2017–19 levels, about the same as last month’s 11.3% gap.
At the regional level: Inventory rose in three of the four regions. The Midwest (+9.3% YoY) has overtaken the Northeast (+8.3%) as the fastest-growing region. Active listings ticked up 0.6% in the West and fell modestly in the South (-0.2%).
At the metro level: 34 of the 50 largest markets recorded year-over-year inventory growth, down by one from last month. The sharpest increases were in Minneapolis (+29.3%), Louisville (+24.9%), and Seattle (+21.4%). The steepest declines were Jacksonville (-20.0%), Miami (-16.9%), and San Francisco (-16.3%).
New listings: 423,732
- vs. previous month: Down 8.6%
- vs. previous year: Unchanged (0.0%)
At the regional and metro levels: New listings fell 1.9% year over year in the Northeast, but increased year over year in each of the other three regions: +3.2% in the Midwest, +1.3% in the South, and +0.9% in the West. New listings growth was highest in Buffalo (+17.4% YoY), Indianapolis (+15.9%), and Washington, DC (+15.7%), and weakest in Austin (-10.6%), San Antonio (-8.4%), and Charlotte (-8.1%).
Time on the market: 57 days
- vs. previous month: Up 4 days—typical seasonal drift into midsummer
- vs. previous year: Down 1 day
After 26 straight months of homes selling more slowly year over year—a streak that stalled at zero in June—median time on the market actually fell relative to a year ago, the first outright year-over-year decline in more than two years. The median home is spending about the same amount of time on the market as the July pre-pandemic norm.
Regional and metro levels: Time on the market is down 1 day from a year ago in the South and Northeast and up 1 day in both the Midwest and West. Days on the market rose in 29 of the top 50 metros. Time on the market increased the most in Boston (+7 days), followed by Charlotte, Louisville, Milwaukee, Memphis, and Seattle (+5 each). Conversely, time on the market is down 9 days in Jacksonville, 5 days in San Francisco, and 4 days in Miami, Richmond, and Sacramento compared to last July.
Pending sales and contract activity
Stock of listings in pending status:
- vs. previous year: Up 1.3%, the eighth straight month of year-over-year growth
We have not seen eight straight months of year-over-year pending sales growth since November 2020 through June 2021. The pending sales momentum is starting to fade, however: After hitting 4.1% YoY in May and 3.7% in June, July 2026 only beats 2025 by 1.3%.
Price cuts: 20.0% of listings saw a price cut in July
- vs. previous month: Up 1.2 percentage points
- vs. previous year: Down 0.6 percentage points
The year-over-year gap is closing as summer begins: After running 1.9 percentage points below last year in June, the cut rate is now 0.6 percentage points below July 2025’s level. The speed of convergence with last year is the number to watch. The first half of 2026 was a story of sellers pricing realistically upfront; July might be hinting at even softer demand than sellers are anticipating. This will be something to watch as the summer progresses.
Regional and metro levels: Price cuts remain least common in the Northeast (13.7% of listings) and Midwest (18.7%), and most common in the West (21.9%) and South (21.3%). Notably, the Northeast (+1.0 percentage points) and Midwest (+0.3) are now above their year-ago cut rates, while the South (-1.0) and West (-1.2) remain below. At the metro level, cuts were least common in Hartford (9.0%), New York City (9.7%), and Buffalo (10.5%), and most common in Portland (31.0%), Denver (30.9%), and Dallas (28.3%). Prices were slashed in July on more than 25% of homes in 12 of the top 50 metros.
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Summary tables
National
| Metric | July 2026 | Change Over June 2026 (MoM) | Change Over July 2025 (YoY) | Change Over July 2019 | Change Over July 2022 |
| Median listing price | $428,950 | -0.2% | -2.4% | 34.3% | -3.4% |
| Active listings | 1,126,252 | 2.1% | 2.1% | -9.1% | 62.8% |
| New listings | 423,732 | -8.6% | 0.0% | -17.4% | -10.2% |
| Median days on market | 57 | 4 | -1 | 0 | 23 |
| Share of active listings with price reductions | 20.0% | 1.2 | -0.6 | 2.3 | 0.9 |
| Median list price per sq.ft. | $226 | -0.7% | -2.0% | 49.4% | 0.3% |
Regional: Listings
| Active Listings | New Listings | ||||||
| July 2026 | YoY | vs. Pre-Pandemic | July 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | 1,126,252 | 2.1% | -11.6% | 423,732 | 0.0% | -19.1% | |
| Northeast | 117,778 | 8.3% | -47.0% | 56,008 | -1.9% | -26.4% | |
| Midwest | 168,921 | 9.3% | -34.4% | 92,214 | 3.2% | -19.6% | |
| South | 593,920 | -0.2% | 4.0% | 187,480 | 1.3% | -10.2% | |
| West | 242,736 | 0.6% | 9.9% | 87,380 | 0.9% | -28.1% | |
Regional: Prices
| Median List Price | Median List Price per Sq. Ft. | ||||||
| July 2026 | YoY | vs. Pre-Pandemic | July 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | $428,950 | -2.4% | 34.3% | $226 | -2.0% | 49.4% | |
| Northeast | $542,450 | -1.4% | 48.2% | $305 | 0.6% | 68.8% | |
| Midwest | $329,000 | 0.2% | 37.1% | $183 | 1.8% | 49.6% | |
| South | $386,000 | -2.5% | 30.9% | $204 | -2.9% | 47.0% | |
| West | $599,974 | -3.9% | 30.5% | $322 | -1.2% | 45.2% | |
Regional: Market pressures
| Median Time on Market | Share of Listings With Price Cuts | ||||||
| July 2026 | YoY | vs. Pre-Pandemic | July 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | 57 | -1 | 0 | 20.0% | -0.6 | 2.3 | |
| Northeast | 47 | -1 | -13 | 13.7% | 1.0 | -3.7 | |
| Midwest | 45 | 1 | -6 | 18.7% | 0.3 | 0.3 | |
| South | 65 | -1 | 1 | 21.3% | -1.0 | 4.0 | |
| West | 57 | 1 | 9 | 21.9% | -1.2 | 3.9 | |
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Appendix: July 2026 statistics
July 2026 National and Regional Housing Overview
| Region | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Northeast | 8.3% | -1.9% | $542,450 | -1.4% | 0.6% | -1 | 13.7% | 1.0 |
| Midwest | 9.3% | 3.2% | $329,000 | 0.2% | 1.8% | 1 | 18.7% | 0.3 |
| South | -0.2% | 1.3% | $386,000 | -2.5% | -2.9% | -1 | 21.3% | -1.0 |
| West | 0.6% | 0.9% | $599,974 | -3.9% | -1.2% | 1 | 21.9% | -1.2 |
| National Average | 2.1% | 0.0% | $428,950 | -2.4% | -2.0% | -1 | 20.0% | -0.6 |
July 2026 Housing Overview of the 50 Largest Metros
| Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Atlanta-Sandy Springs-Roswell, GA | 1.1% | -4.7% | $425,000 | 1.2% | -0.1% | 3 | 24.8% | -3.0 |
| Austin-Round Rock-San Marcos, TX | -3.6% | -10.6% | $461,887 | -9.6% | -8.5% | 1 | 28.3% | -3.0 |
| Baltimore-Columbia-Towson, MD | 18.9% | 3.4% | $377,945 | -5.5% | -2.5% | 2 | 19.8% | 3.4 |
| Birmingham, AL | 8.5% | 3.2% | $299,900 | -3.1% | -1.1% | 1 | 18.6% | 0.3 |
| Boston-Cambridge-Newton, MA-NH | 14.0% | 1.3% | $799,950 | -5.0% | -1.1% | 7 | 15.1% | -3.0 |
| Buffalo-Cheektowaga, NY | 20.4% | 17.4% | $274,900 | -8.2% | -2.9% | 4 | 10.5% | 1.3 |
| Charlotte-Concord-Gastonia, NC-SC | 16.5% | -8.1% | $437,498 | -2.7% | -0.7% | 5 | 26.0% | -1.2 |
| Chicago-Naperville-Elgin, IL-IN | -7.0% | -5.5% | $392,500 | 4.1% | 2.9% | -1 | 14.0% | -1.4 |
| Cincinnati, OH-KY-IN | 19.5% | 1.9% | $350,000 | 0.0% | -0.3% | 3 | 21.1% | 1.9 |
| Cleveland, OH | 5.2% | 6.4% | $273,450 | 1.7% | 2.8% | 0 | 17.9% | 1.1 |
| Columbus, OH | 10.8% | 8.2% | $391,950 | -0.1% | 0.3% | 2 | 26.2% | 0.1 |
| Dallas-Fort Worth-Arlington, TX | -6.5% | -4.2% | $439,000 | -0.2% | -1.8% | 1 | 28.3% | -2.8 |
| Denver-Aurora-Centennial, CO | -2.9% | 2.5% | $579,798 | -3.4% | -3.0% | -1 | 30.9% | -2.0 |
| Detroit-Warren-Dearborn, MI | 13.2% | 5.2% | $275,000 | -1.8% | 0.6% | 1 | 18.8% | 1.5 |
| Hartford-West Hartford-East Hartford, CT | 1.2% | 4.1% | $474,950 | 5.7% | 4.5% | -1 | 9.0% | -0.6 |
| Houston-Pasadena-The Woodlands, TX | 0.9% | 4.2% | $360,000 | -2.7% | -2.1% | 1 | 20.4% | -2.6 |
| Indianapolis-Carmel-Greenwood, IN | 18.9% | 15.9% | $315,000 | -5.8% | 4.8% | 3 | 27.0% | -2.5 |
| Jacksonville, FL | -20.0% | -4.1% | $389,972 | -4.5% | -3.0% | -9 | 25.5% | -3.6 |
| Kansas City, MO-KS | -2.1% | 0.1% | $399,975 | 0.0% | 2.2% | -1 | 17.0% | -1.4 |
| Las Vegas-Henderson-North Las Vegas, NV | 6.1% | 2.0% | $469,900 | -1.1% | -2.1% | 4 | 23.7% | -1.4 |
| Los Angeles-Long Beach-Anaheim, CA | -1.5% | -2.8% | $1,097,000 | -4.5% | -1.9% | 1 | 16.0% | -1.6 |
| Louisville/Jefferson County, KY-IN | 24.9% | 1.8% | $319,450 | -1.7% | -0.2% | 5 | 21.0% | -0.1 |
| Memphis, TN-MS-AR | 11.5% | 1.9% | $300,000 | -11.8% | -6.0% | 5 | 24.2% | 1.7 |
| Miami-Fort Lauderdale-West Palm Beach, FL | -16.9% | -2.9% | $495,000 | -2.9% | -1.0% | -4 | 14.5% | -3.2 |
| Milwaukee-Waukesha, WI | 11.8% | 2.1% | $409,000 | -0.2% | 1.9% | 5 | 13.4% | -1.1 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 29.3% | 8.8% | $425,000 | -2.3% | -1.9% | 0 | 18.0% | 0.7 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 12.1% | -2.1% | $539,900 | -0.9% | -0.9% | 3 | 21.0% | -3.3 |
| New York-Newark-Jersey City, NY-NJ | 2.9% | -4.5% | $772,250 | -0.4% | 2.7% | -2 | 9.7% | 0.6 |
| Oklahoma City, OK | 9.5% | -2.7% | $316,450 | -2.6% | -0.3% | 4 | 23.9% | 0.5 |
| Orlando-Kissimmee-Sanford, FL | -4.1% | 0.0% | $419,450 | -1.8% | -3.0% | -1 | 21.8% | -4.1 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 14.7% | -9.0% | $384,700 | -0.1% | 0.3% | 0 | 17.3% | 3.7 |
| Phoenix-Mesa-Chandler, AZ | -2.7% | 0.7% | $481,995 | -4.6% | -1.8% | -3 | 28.1% | -2.7 |
| Pittsburgh, PA | 16.2% | 2.0% | $257,900 | 2.2% | 2.0% | -1 | 20.4% | 2.0 |
| Portland-Vancouver-Hillsboro, OR-WA | 0.5% | 4.9% | $595,000 | -0.8% | -2.3% | 3 | 31.0% | -0.4 |
| Providence-Warwick, RI-MA | 11.3% | 5.1% | $599,750 | -0.9% | 8.3% | 2 | 11.6% | -1.3 |
| Raleigh-Cary, NC | 5.5% | -5.8% | $450,000 | -2.2% | -2.2% | 2 | 24.2% | -0.6 |
| Richmond, VA | 15.2% | -5.5% | $449,950 | 0.0% | 1.9% | -4 | 16.4% | 1.0 |
| Riverside-San Bernardino-Ontario, CA | -6.1% | -2.9% | $592,450 | -1.2% | -1.5% | -1 | 17.5% | -1.7 |
| Sacramento-Roseville-Folsom, CA | -6.6% | 2.6% | $625,000 | 0.0% | 0.3% | -4 | 22.9% | -0.8 |
| Salt Lake City-Murray, UT | 3.4% | 3.2% | $569,900 | -3.4% | 1.1% | 2 | 27.0% | -2.7 |
| San Antonio-New Braunfels, TX | 4.7% | -8.4% | $325,000 | -4.3% | -4.3% | -1 | 25.8% | -0.4 |
| San Diego-Chula Vista-Carlsbad, CA | -7.1% | -3.2% | $922,500 | -6.6% | -3.0% | 1 | 20.4% | -2.5 |
| San Francisco-Oakland-Fremont, CA | -16.3% | -7.1% | $948,500 | -4.2% | -4.8% | -5 | 14.3% | -1.3 |
| San Jose-Sunnyvale-Santa Clara, CA | 2.9% | 10.4% | $1,346,944 | -2.0% | -3.7% | 4 | 15.2% | -0.2 |
| Seattle-Tacoma-Bellevue, WA | 21.4% | 6.0% | $775,000 | -1.3% | -2.2% | 5 | 23.0% | 1.7 |
| St. Louis, MO-IL | 15.1% | 9.6% | $289,900 | -3.4% | -1.0% | 0 | 17.9% | 1.1 |
| Tampa-St. Petersburg-Clearwater, FL | -7.9% | 1.7% | $397,450 | -4.2% | -4.8% | -1 | 25.4% | -3.5 |
| Tucson, AZ | -5.0% | -0.8% | $377,000 | -2.1% | -1.8% | 1 | 20.0% | -3.7 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 7.7% | 3.1% | $439,000 | 5.8% | 3.0% | 0 | 21.6% | -1.8 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 11.2% | 10.1% | $579,450 | -5.4% | -2.0% | 1 | 18.4% | 2.8 |
Methodology
Realtor.com housing data as of July 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com economics research reports.
Methodology for cancellations: A contract cancellation is counted if a listing was pending on one day and then went back to active the next. It may miss a few that have been entirely delisted.
Contract signings represent the flow of homes entering pending status in a given month (i.e., homes that went under contract for the first time in that period). This is a flow measure, not a stock measure. This distinguishes it from the stock of pending listings, which measures the total number of homes under contract at a given point in time regardless of when they entered that status.
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