Home listing prices are falling at the fastest annual pace in at least 9 years
Speaker Mike Johnson tells Maria Bartiromo that he met with the president to discuss a bipartisan housing bill that would lower housing costs by reducing regulations, fulfilling GOP promises.
Home listing prices are falling at their fastest pace in at least nine years as sellers adjust to a slower market and look to attract buyers.
The national median asking price fell 2.5% in June compared to a year ago, falling to $430,000 based on the latest data from Realtor.com’s monthly housing market report.
June marked the eighth consecutive month of price declines, and the 2.5% decline in asking prices was the deepest annual decline in the data set’s history, which goes back to 2017.
“Sellers are reading market conditions and setting prices right from the start rather than listing high and reducing later, and buyers are taking notice and making bids,” said Realtor.com chief economist Danielle Hale.
THE POWER OF HOUSING HAS NO POWER TO RETURN TO THE GOOD COUNTRIES OF THE PAST, THE ECONOMIST SAYS.
Home listing prices fell by the fastest annual rate since 2017, Realtor.com data showed. (Daniel Acker/Bloomberg via Getty Images)
The report found that for a buyer who purchased a $430,000 home in June with a 20% down payment and a 6.49% mortgage rate, the average monthly payment was $2,172.
That figure is about $132 less per month, and less than $1,500 per year, than the average consumer would owe in June 2025, which had a median price of $440,950 and a mortgage rate of 6.82%.
Another notable metric that suggests affordability pressures on the housing market are easing is that the average home listed for sale is spending the same amount of time on the market as it did last year, holding 53 days.
THE INCOME NEEDED TO PROVIDE A MODERATELY AFFORDABLE HOME WILL NEARLY DOUBLE FROM 2020, REPORT FINDS.
Pending home sales have grown for more than half a year. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)
Pending home sales also rose 3.7% year-over-year through June, marking the seventh consecutive month of growth despite the share of price-reduced listings declining 1.9 percent to 18.8 percent.
Other economic indicators were little changed in June, as mortgage rates remained around 6.5% and Federal Reserve policymakers unanimously agreed that the federal funds rate was firm at the current level of 3.5% to 3.75% amid higher inflation readings.
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New homes listed for sale rose more than 2% last year. (David Ryder/Bloomberg via Getty Images)
“It was good news for June,” said Realtor.com chief economist Jake Krimmel. “As obvious as it may seem now, this was far from the foregone conclusion a few months ago.”
Sellers have also increasingly stepped aside amid the price drop showing confidence they will find a willing buyer, as new listings rose 2.4% from last year.
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“Unlike last year, sellers are willing to take a bit of a haircut to move, and buyers are getting price relief to reduce prices to higher than we expected,” Krimmel said.
