The typical home sold during the four weeks ending July 17 spent 19 days on the market, one day longer than last year. This marks the first time in two years that the median time on market has posted a year-over-year gain. Pending home sales fell more than they have since May 2020, and the total number of homes for sale posted its biggest increase since August 2019, despite fewer homes hitting the market than this time last year. Home sale prices continued to fall, down another 0.6% from the four-week period ending July 10.
“Buyers, who earlier this year had to race to beat the competition, can now take their time touring homes and perhaps even wait to see if sellers drop the price,” said Redfin chief economist Daryl Fairweather. “Still, few homes are being listed, so if your dream house hits the market, you should negotiate hard, now that you have the power to. The value may fall in the near term, but if you plan to live there for five or 10 years you will almost certainly gain home equity over that horizon. Sellers, on the other hand, may want to list sooner rather than later, before prices fall more.”
Unless otherwise noted, the data in this report covers the four-week period ending July 17. Redfin’s housing market data goes back through 2012.
Refer to our metrics definition page for explanations of all the metrics used in this report.
