Home Prices Decline Most in Nearly a Decade, Realtor.com Data Shows
US home asking prices have fallen for eight consecutive months, marking the largest year-over-year drop in nearly a decade. Pending sales, however, showed signs of improvement.
The asking price for a new home in the U.S. has fallen for eight consecutive months, representing the most significant year-over-year decrease in nearly a decade, according to Realtor.com's latest housing trends report. In June, the national median list price for a home stood at $430,000, down from approximately $449,000 in June 2022.
This period of declining prices, combined with seven consecutive months of rising pending sales, suggests a recalibration of the housing market. Economists note that sellers are adjusting their pricing strategies to reflect current market conditions, which is in turn encouraging buyer activity.
Pending home sales saw a 3.7% increase in June compared to the previous year, continuing a seven-month upward trend. The rate of canceled contracts has also slightly decreased, indicating that a higher percentage of initiated sales are successfully closing.
Homes are also spending less time on the market. In June, the median time a home spent on the market was 53 days, matching the figure from June 2022. While national trends indicate stabilization, regional variations persist, with some areas seeing faster sales and others experiencing slight slowdowns.
Nationally, median list prices are down 4.2% from their 2022 peaks. However, significant regional differences exist. The Midwest and Northeast have seen list prices increase by 10% and 12.6% respectively compared to four years ago, while the West has experienced a 7.3% price drop, nearly double the national percentage.