Overview

• National median listing price rose just 0.5% year-over-year in July even as active listings increased by nearly 25%, signaling a broader market cool-off.
• Inventory climbed across all regions, with the West up 32.5%, the South up 25.4%, the Midwest up 18.1% and the Northeast up 15.5%.
• Thirty-three of the 50 largest U.S. metros reported year-over-year price declines in July, led by Austin (–4.9%), Miami (–4.7%), Chicago (–4.4%), Los Angeles (–4.2%) and Denver (–4.0%).
• Pandemic boomtowns such as Austin and Denver saw their July 2025 median listing prices fall 14.8% and 7.7%, respectively, below mid-2022 peaks after rapid post-pandemic building swelled inventories.
• Persistent zoning restrictions and limited new construction in the Northeast and Midwest have kept listings low, preserving sellers’ pricing power and market stability.