The national market is cooling overall, but the pace and severity of the slowdown varies widely across regions, according to the latest Realtor.com July Housing Trends Report. The South and West are shifting decisively in favor of buyers, with rising inventory, deeper price cuts, and longer time on market. In contrast, conditions in the Northeast and Midwest remain much tighter. Nationally, active listings rose for the 21st straight month, homes took seven days longer to sell than last year, and 33 of the 50 largest metros posted year-over-year price declines—including Austin (-4.9%), Miami (-4.7%), and Chicago (-4.4%) and more than one in five sellers cut their asking price. That said, are home prices dropping? It depends on where you live.

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“The housing market has cooled modestly in 2025, prompting our lowered outlook for home sales and price growth. But the extent and persistence of rebalancing really varies across the country, and, regionally, homebuyers and sellers are likely to experience a very different market,” said Danielle Hale, Chief Economist at Realtor.com®. “In the South and West, we’re seeing clear signs of a shift toward buyer-friendly conditions—more price cuts, rising delistings, and homes sitting longer on the market–which has led to sometimes sizable price adjustments since 2022. Meanwhile, the Midwest and Northeast remain relatively tight, with less inventory relief and stronger pricing power for sellers. This widening divide underscores how local market dynamics are driving very different experiences for buyers and sellers.”

RegionActive Listing
Count YoY		Median Listing
Price YoY		Median Listing
Price vs. 2022		Median Listing
Price Per SF YoY		Median Days
on Market Y-Y
(Days)		Price-Reduced
Share Y-Y
(Percentage
Points)
Midwest15.5 %0.2 %14.6 %4.1 %20.6
Northeast25.4 %-0.6 %-1.1 %-0.7 %80.4
South18.1 %-0.3 %9.8 %1.2 %31.9
West32.5 %-0.8 %-0.1 %-0.7 %102.3
National Average24.8 %0.5 %-1.0 %0.5 %71.1

Southern and Western Markets Lead Price Declines

While some metros continue to hold onto post-pandemic price gains, others, most notably in the South and West have started to reverse course. In July, 33 of the 50 largest metros posted year-over-year price declines. Miami, Austin, Chicago, and Los Angeles led the way in terms of largest year-over-year median list price declines, however, where prices are declining most right now is not necessarily where they have declined the most since the peak of the market in 2022.

“We’re seeing a reset take hold in markets across the country such as Nashville. List prices are softening, homes are spending more time on the market, and buyers are finding more room to negotiate,” said Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage. “After years of intense competition, it’s starting to feel more balanced – especially in the South and West. It’s not a buyer’s market yet, but we’re headed in that direction.”

Miami’s median list price is now 17.8% lower than its July 2022 peak. Meanwhile, Los Angeles saw prices 18% higher than in July 2022 – a stark contrast from Austin, where prices declined 4.9% since last year and prices are now 14.8% below 2022 levels.

Only 19 of the 50 largest U.S. metros currently have prices below July 2022, and all are located in the South and West. Furthermore, each of these 19 has seen prices decline further in the last year—except for Seattle, which has eked out 0.8% year-over-year growth.

Price Cuts Still Elevated Especially in the South and West, but Dip Modestly in July

Price cuts continue to be a key feature of this summer’s market, even if median list prices have shown little movement overall. In July 20.6% of home listings had price reductions—up a modest 1.1 percentage points from last year, but down from 20.7% last month. This marks the first time in 6 months that price cuts have declined nationally.

Regionally, price cuts were far more common in the South and West (23%) than in the Northeast (12.7%). Metros with the most listings with price cuts, often linked to slower demand, included: Denver (32.9% of listings), Portland (31.3%), and Austin (31.2%).

MetroMedian List
Price		Change
since…		Median
Days on
Market		No. of Days
Difference
Since…		Price
Reduced
Share		Pct. Pt.
Difference
Since…
July 202520242022July 202520242022July 202520242022
1Austin510,950-4.9 %-14.8 %65.583631.2 %-0.9-9.3
2Miami509,950-4.7 %-17.8 %88164817.7 %-0.32.9
3Chicago377,000-4.4 %7.7 %35.53415.4 %1.9-0.5
4Los Angeles1,148,483-4.2 %18.4 %50.581817.6 %3.8-1.5
5Denver600,000-4.0 %-7.7 %52112932.9 %0.12.5
6Phoenix505,000-3.8 %-3.8 %69.5164030.8 %2.0-10.9
7Sacramento625,000-3.8 %-0.8 %49.25101723.7 %3.3-7.0
8Nashville544,950-3.5 %-0.9 %55203424.3 %-1.3-1.2
9Minneapolis435,000-3.2 %2.4 %381617.3 %2.23.5
10Cincinnati349,950-3.1 %9.7 %36.551219.2 %3.16.4
US Overall439,4500.5 %-1.0 %5872420.6 %1.11.5

Delistings Surge as Sellers Retreat

Sellers who couldn’t find buyers at their desired price continued to pull listings from the market. Delistings in June (reported with a one-month lag) rose 48% year-over-year and 38% year-to-date. The delisting-to-new listing ratio climbed to 0.21 in June, up from 0.13 in May—meaning that for every 100 new listings, 21 were removed without a sale. The metros with the highest delisting ratios in June were Miami (59 per 100 new listings), Phoenix (37), and Riverside, Calif. (30).

Inventory Growth Slows But Persists

The number of homes actively for sale in July rose 25.1% compared to July of last year, marking the 21st consecutive month of year-over-year gains and there are now over 1.1 million homes for sale nationwide, the third consecutive month with over 1 million active listings. However, the pace of growth is slowing—down from 28.9% year-over-year in June and 31.5% in May. Inventory remains 13.4% below typical 2017–2019 levels, indicating that while buyers have more choices, supply is still constrained by historical standards.

Inventory increased in all four major U.S. regions in July, though the pace varied: West: +32.5%, South: +25.4%, Midwest: +18.1%, Northeast: +15.5%.

July 2025 Housing Metrics – National

MetricJuly 2025Change over
June 2025 
(MoM)		Change over
July 2024
(YoY)		Change over July
2019
Median listing price$439,450-0.3 %0.5 %37.6 %
Active listings1,102,7871.9 %24.8 %-11.0 %
New listings434,816-3.9 %7.3 %-15.3 %
Median days on market58+5 days+7 days+1 day
Share of active listings with price
reductions		20.6 %-0.1 percentage
points		+1.1 percentage
points		+2.9 percentage
points
Median List Price Per Sq.Ft.$231-0.9 %0.5 %52.4 %

July 2025 Housing Overview of the 50 Largest Metros 

MetroActive
Listing
Count
YoY		New
Listing
Count,
YoY		Median List
Price		Median
List Price,
YoY		Median
List Price
vs. 2022		Median
List
Price
Per SF,
YoY		Median
Days on
Market,
YoY
(Days)		Price
Reduced
Share, YoY
(Percentage
Points)
Atlanta-Sandy Springs-Roswell, GA30.5 %1.9 %$419,945-1.2 %-4.4 %-1.4 %103.0
Austin-Round Rock-San Marcos, TX18.1 %8.1 %$510,950-4.9 %-14.8 %-4.0 %8-0.9
Baltimore-Columbia-Towson, MD37.3 %0.1 %$399,9006.6 %11.4 %2.2 %00.7
Birmingham, AL11.6 %10.3 %$309,5002.7 %3.5 %1.7 %71.1
Boston-Cambridge-Newton, MA-NH25.0 %2.0 %$841,950-1.4 %13.8 %1.9 %22.8
Buffalo-Cheektowaga, NY13.0 %8.0 %$299,4507.0 %19.8 %7.2 %-40.6
Charlotte-Concord-Gastonia, NC-SC42.6 %15.4 %$449,4332.4 %4.0 %-0.8 %122.6
Chicago-Naperville-Elgin, IL-IN5.4 %2.2 %$377,000-4.4 %7.7 %-0.4 %31.9
Cincinnati, OH-KY-IN26.5 %9.4 %$349,950-3.1 %9.7 %2.5 %53.1
Cleveland, OH25.2 %6.6 %$268,8251.4 %22.2 %4.2 %21.5
Columbus, OH13.7 %N/A$392,450N/A13.1 %0.4 %47.4
Dallas-Fort Worth-Arlington, TX30.2 %-1.3 %$439,900-2.2 %-8.5 %-1.5 %90.6
Denver-Aurora-Centennial, CO36.7 %-2.9 %$600,000-4.0 %-7.7 %-3.3 %110.1
Detroit-Warren-Dearborn, MI22.2 %9.5 %$280,0000.0 %0.0 %0.1 %23.5
Grand Rapids-Wyoming-Kentwood, MI1.8 %-1.3 %$427,3506.9 %14.0 %4.5 %60.0
Hartford-West Hartford-East Hartford, CT16.9 %-4.6 %$449,4502.5 %16.7 %-1.0 %32.4
Houston-Pasadena-The Woodlands, TX31.5 %15.7 %$370,000-0.5 %-5.1 %-0.9 %23.2
Indianapolis-Carmel-Greenwood, IN28.3 %1.5 %$334,273-1.5 %2.9 %-0.2 %54.6
Jacksonville, FL16.5 %-6.0 %$408,495-1.4 %-4.3 %-1.4 %150.6
Kansas City, MO-KS30.3 %1.9 %$399,9500.7 %1.3 %1.5 %-31.2
Las Vegas-Henderson-North Las Vegas, NV65.7 %3.5 %$475,000-1.0 %-2.1 %-0.6 %144.8
Los Angeles-Long Beach-Anaheim, CA41.0 %2.6 %$1,148,483-4.2 %18.4 %-2.3 %83.8
Louisville/Jefferson County, KY-IN24.6 %14.7 %$324,950-0.6 %8.4 %2.4 %21.0
Memphis, TN-MS-AR18.9 %3.5 %$339,950-0.5 %6.3 %2.2 %10-3.7
Miami-Fort Lauderdale-West Palm Beach, FL30.0 %-5.0 %$509,950-4.7 %-17.8 %-3.6 %16-0.3
Milwaukee-Waukesha, WI9.9 %-0.7 %$410,0002.5 %26.2 %5.5 %03.5
Minneapolis-St. Paul-Bloomington, MN-WI10.8 %-1.9 %$435,000-3.2 %2.4 %-1.3 %12.2
Nashville-Davidson–Murfreesboro–Franklin, TN29.5 %20.7 %$544,950-3.5 %-0.9 %-1.7 %20-1.3
New York-Newark-Jersey City, NY-NJ9.4 %4.6 %$775,0000.0 %15.8 %-4.4 %20.3
Oklahoma City, OK24.9 %-2.9 %$325,0000.2 %3.0 %0.4 %40.6
Orlando-Kissimmee-Sanford, FL26.4 %-5.2 %$426,950-3.0 %-8.0 %-3.0 %161.1
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD18.8 %N/A$384,950-1.2 %11.6 %1.0 %-1-0.1
Phoenix-Mesa-Chandler, AZ37.3 %-0.8 %$505,000-3.8 %-3.8 %-1.2 %162.0
Pittsburgh, PA11.0 %4.4 %$252,2780.9 %7.4 %2.3 %50.2
Portland-Vancouver-Hillsboro, OR-WA26.3 %-7.6 %$599,995-2.8 %0.2 %-2.1 %83.4
Providence-Warwick, RI-MA23.6 %-1.6 %$604,9503.2 %26.1 %4.6 %52.7
Raleigh-Cary, NC45.4 %21.3 %$460,000-1.1 %-7.1 %-0.8 %94.3
Richmond, VA20.9 %6.4 %$449,900-2.1 %14.4 %0.3 %21.4
Riverside-San Bernardino-Ontario, CA38.1 %1.9 %$599,9000.0 %0.7 %-1.7 %112.1
Sacramento-Roseville-Folsom, CA37.0 %7.4 %$625,000-3.8 %-0.8 %-2.6 %103.3
St. Louis, MO-IL18.3 %-5.7 %$300,000-2.4 %9.1 %-2.0 %52.2
San Antonio-New Braunfels, TX14.7 %0.5 %$339,700-2.7 %-10.6 %-2.3 %9-1.6
San Diego-Chula Vista-Carlsbad, CA43.5 %-1.9 %$987,500-1.2 %9.7 %-3.6 %73.2
San Francisco-Oakland-Fremont, CA21.3 %-2.3 %$990,000-0.5 %-9.8 %-3.9 %72.1
San Jose-Sunnyvale-Santa Clara, CA28.7 %-11.3 %$1,373,750-2.5 %-1.9 %-3.7 %74.2
Seattle-Tacoma-Bellevue, WA36.7 %0.0 %$785,4630.8 %-0.6 %1.5 %43.6
Tampa-St. Petersburg-Clearwater, FL22.2 %-6.2 %$415,000-1.3 %-6.7 %-2.2 %12-2.5
Tucson, AZ41.0 %-0.2 %$385,000-2.5 %-3.7 %-1.2 %151.2
Virginia Beach-Chesapeake-Norfolk, VA-NC24.5 %4.0 %$415,0004.5 %18.6 %3.6 %44.0
Washington-Arlington-Alexandria, DC-VA-MD-WV56.5 %1.3 %$612,500-0.8 %4.7 %-3.9 %21.9