In the past 48 hours, the US housing industry shows clear signs of a market in flux, with several key shifts shaping the current landscape. National data reveals that home price growth is moderating after years of rapid escalation. For the four weeks ending July 20, the median asking price for US homes climbed 2.2 percent to 403,000 dollars, the smallest increase observed since August 2023. Still, home prices remain at record highs, with the median sale price reaching 399,000 dollars, marking a new national record but up only 1.6 percent compared to last year. This deceleration contrasts sharply with the 5 to 6 percent year-over-year gains seen through much of 2024 and early 2025.

Sales activity remains exceptionally sluggish. In June, new home sales fell to a seasonally adjusted annual rate of 627,000, with inventory hitting 511,000 new homes at month’s end. The median price of new houses fell to 401,800 dollars, down 4.9 percent month-on-month. Despite inventory gains, the industry is on track for the lowest existing-home sales since 1995. Pending sales are unstable, as over 57,000 contracts were cancelled in June, representing 14.9 percent of units under contract, the highest share since records began.

The market’s shift is driven by affordability challenges. Elevated mortgage rates and surging home prices have pushed the US housing market to its most unaffordable level on record. The median price for existing homes sold last month hit 435,300 dollars, surpassing the prior peak from June 2024. Many buyers are postponing purchases and opting to rent, giving consumers more bargaining power as supply accumulates.

Industry leaders are mostly waiting out these conditions, with few major new product launches or deals announced this week. Builders face softened demand despite offering more options, and many prospective buyers remain on the sidelines. While Zillow projects a mild 1 percent drop in national home prices over the next year, most experts agree that material improvements in affordability will be slow to arrive. Compared to last year’s heated market, buyers today face more choices and slightly better conditions, but persistent high prices and borrowing costs are keeping transaction volumes at historic lows.

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The US housing market is currently experiencing a period of subdued activity marked by slow sales, significant affordability challenges, and shifting consumer preferences. In June 2025, new single-family home sales in the US increased just 0.6 percent to a seasonally adjusted annual rate of 627000 units, but this figure remains 6.6 percent below levels seen last June. Over the past two months, sales have hovered at their slowest pace since October last year. Mortgage rates continue to average above 6.8 percent, holding many potential buyers on the sidelines. Inventory also continues to mount, with new single-family home supply up 1.2 percent from the previous month, reaching 511000 units and leaving months of supply at 9.8, compared to a near balanced market at six months a year ago. Sellers and builders are responding by offering more concessions or cutting prices to keep deals together, as new listings have dropped to their lowest point in nearly two years.

House price growth is expected to moderate, with Fannie Mae forecasting a 2.8 percent rise for 2025, a clear slowdown from the previous forecast of 4.1 percent. Redfin also anticipates a 1 percent decrease in home prices by year end. Despite higher overall inventory, a persistent housing shortage of 4.7 million homes continues to underpin long-term demand, even as builders slow their pace, particularly outside the Midwest. Housing starts edged up 4.6 percent month over month in June but remain below last year’s levels.

Luxury housing stands resilient, aided by a strong labor market. Affluent buyers, supported by stable employment, remain active but are highly selective, shifting attention toward smaller and more affordable inland markets. Notable metropolitan areas like St. Louis and Detroit top current rankings for value and strong fundamentals.

In summary, affordability constraints driven by high rates and stagnant wages have created a cautious, buyer-friendly landscape, even as supply improves. The primary barrier in the current market is the high cost of ownership, not lack of inventory, distinguishing current conditions from the competitive, inventory-starved market of 2021 or 2022. Industry leaders are countering headwinds with more incentives and pricing flexibility, awaiting rate relief to reignite stronger demand.

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In the past 48 hours, the US housing industry has entered a distinct phase marked by both opportunity and uncertainty. June and July 2025 data show nearly 15 percent of pending home sales nationwide were canceled per Redfin, with Florida and Texas home inventories surging to levels not seen in over a decade. This glut has triggered local price declines of roughly 2 to 3 percent year-over-year in spots like Central Florida and Houston, while sellers increasingly compete for a smaller buyer pool. Homes now spend nearly three weeks longer on the market than in 2024, underscoring the waning urgency that defined the pandemic era.

Despite this, nationally, the median home price hit a record 435,300 dollars in June per the National Association of Realtors. Prices rose on an annual basis for the 24th consecutive month, even as sales of previously owned homes dropped to their lowest rates since last September. Existing-home sales in June fell 2.7 percent from May and are at nearly 75 percent of pre-pandemic levels, despite a stronger job market compared to five years ago. Inventory has grown significantly—up nearly 16 percent year-over-year—but is still below the threshold for a balanced market, especially outside the Sun Belt.

This paradox is driven by sustained high mortgage rates, which hovered between 6.6 and 7.04 percent for a typical 30-year fixed loan since January. This has forced many younger buyers out of the market. The median age of a US homebuyer jumped to 56 in 2024, with buyers over 60 now accounting for 46 percent of all purchases, a sharp shift from historical norms.

For industry leaders, the current response is strategic adaptation. Homebuilders and agents are offering more concessions, price cuts, and creative financing. Investors are shifting toward careful, asset-specific approaches rather than seeking blanket gains. Regulatory changes are limited, though the Federal Reserve’s cautious stance regarding rate cuts continues to keep borrowing costs high.

Consumer behavior has shifted: more buyers are willing to wait, or cancel offers, and sellers are now more frequently pulling listings rather than lowering prices, which rose 47 percent in properties withdrawn unsold over the last year. Compared with last year’s limited supply and frenzied competition, today’s market is defined by oversupply in several regions, hesitant buyers, and a recalibration of pricing expectations across the US.

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The US housing industry has entered a pronounced downturn over the last 48 hours, continuing a trend from the early summer. National home prices edged down 0.1 percent in June, with more than half of the fifty largest metropolitan areas posting price declines. The steepest drops were seen in cities like Austin down 5.8 percent, Tampa down 5.7 percent, and Miami down 3.8 percent over the past year. The Zillow Home Value Index shows barely any year-over-year growth, having risen only 0.2 percent in June compared to 3.2 percent at this time in 2024. Persistent high mortgage rates remain the leading factor, with the 30-year fixed average hovering at 6.82 percent as of July 22, 2025, slightly easing from last week but still above the 6.6 percent threshold seen since late 2024.

The supply of homes for sale has risen sharply. June saw a 4.6-month inventory, up from 3.8 months a year ago. Builders, squeezed by both high borrowing costs and rising construction material prices, have responded by sharply reducing new single-family housing starts, now at their lowest level in a year. Permits for future construction have also dropped, indicating further declines ahead. Major producers are postponing land deals and scaling back projects, citing unaffordable incentives and policy uncertainty. While builder confidence saw a minor boost with the extension of 2017 tax cuts, broader sentiment remains muted.

Consumer behavior has shifted markedly. Buyers, discouraged by affordability challenges and economic uncertainty, are stepping back, and sellers are increasingly reluctant to list homes, creating a “frozen state” in many markets. The multifamily rental sector, however, is relatively resilient. National apartment occupancy remains strong at 92 percent, and rents are still growing, sustained by would-be buyers remaining renters for longer.

Compared to last year’s slow but steady price growth, the current correction is broader and more pronounced, with most experts warning of further declines unless mortgage rates drop significantly. No major M&A deals or product launches have been announced this week. Notably, tariffs on steel and aluminum are again driving up construction costs, compounding supply chain stress and clouding the industry’s outlook as 2025 enters its second half.

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The US housing industry over the past 48 hours reveals a market at a crossroads, shaped by growing inventory, persistent affordability issues, and changed consumer habits. As of June, active home listings climbed to 1.36 million, a 17.2 percent increase from last year and the highest since 2019. Inventory growth is giving buyers more options and bargaining power—26.6 percent of homes saw price cuts in June, the highest for that month since tracking began in 2018. However, sustained high mortgage rates, hovering near 7 percent, continue to keep many would-be buyers, especially first-timers, out of the market. This has resulted in a record 14.9 percent of pending home sales canceled in June, as more buyers walk away from deals than in previous years.

Sellers are responding in different ways. Instead of lowering prices significantly, many are simply withdrawing their homes from the market—delistings jumped 35 percent year to date and 47 percent year over year in May, outpacing the growth in new listings. This dynamic shows that sellers, often leveraging record home equity, are able to hold out for better offers, which is keeping the national median list price steady despite downward pressure in some regional markets, particularly in the South and West.

The market is not uniform. Multifamily housing and rental markets remain more resilient compared to single-family homes. Multifamily REITs enjoy high occupancy rates above 95 percent, as rising mortgage costs push more households toward renting. However, recent construction booms in some Sunbelt cities have led to oversupply and flat rent growth, though building activity has now slowed, hinting at potential stabilization.

With 38 percent of homebuilders reporting price cuts in July—the highest rate since 2022—builders and industry leaders are becoming more cautious, cutting prices or offering incentives, but also holding back on new projects in some segments. Permitting for new single-family homes is softening, while multifamily permits are steady after a post-pandemic dip.

Overall, the market is slowly transitioning from the volatility of the past two years towards a more balanced, if subdued, environment. Prices overall have plateaued—Zillow data shows a mere 0.2 percent increase year over year, down from over 3 percent the previous year. Experts do not forecast a crash or major national decline but expect steady, slower growth and continued regional variation as both buyers and sellers navigate economic uncertainty and high financing costs.

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The US housing industry over the past 48 hours is flashing signs of transition. After years of soaring price growth, the market is showing early signs of balancing, though affordability remains a core challenge for buyers and sellers alike.

Nationally, housing inventory is surging, up 17 percent year over year in June, the largest increase since before the pandemic. There are now 1.36 million homes for sale, a level not seen in several years. The share of listings with a price cut hit a record 26.6 percent for June, approaching the all-time peak set in September 2022. Still, the median sale price reached an all-time high of 399,633 dollars in early July, up 1 percent from last year. Price changes remain mixed across metros: home values rose in cities like Buffalo and Cleveland but fell sharply in Austin and Miami, where annual declines exceeded 5 percent[2][3].

Mortgage rates show volatility. The 30-year fixed rate recently ticked up to 6.75 percent after briefly dipping to 6.67 percent—the lowest in three months. That slight dip handed prospective buyers roughly 16,000 dollars in added purchasing power, though continued rate swings remain likely as financial markets react to inflation and Federal Reserve signals. It’s clear that buyers now face a more competitive, yet volatile, landscape[3][6].

New listings have fallen 1 percent year over year, ending a six-month streak of gains, suggesting sellers are growing cautious amid softer demand. Pending sales slid 3.5 percent compared to last year, the second-largest drop since February, indicating buyers are hesitant despite slightly lower rates[3]. In the condo segment, prices are dropping—down 2 percent in May—and sales have slowed dramatically, especially in Florida, where homeowner association fees and insurance costs have soared[3].

Homebuilders are showing cautious optimism. The NAHB Wells Fargo Housing Market Index edged up to 33 in July, but that is still historically low. New-home sales, once a bright spot, dropped sharply in May, and permits for new construction are down 6 percent year to date. The cause is a combination of high mortgage rates, persistent affordability challenges, and ongoing trade disputes affecting key raw materials[5].

Consumer behavior is shifting: buyers are becoming more selective and have more negotiating power than any time since 2018. In terms of regulation, the rollout of the recent One Big Beautiful Bill Act offers some relief for households and builders, but market leaders like Zillow and Redfin caution that volatility will persist through 2025[1][5].

Comparing this period to previous years, price gains are moderating, inventory is higher, and the seller’s market that dominated since 2020 is steadily giving way to more even conditions. The next few months will reveal whether these trends are temporary or mark the start of a new era in the US housing sector.

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In the past 48 hours, the US housing industry is experiencing pronounced shifts, marked by high inventory, rising delistings, and tentative signs of renewed buyer activity. National home prices have reached a record median of 399,633 dollars, up about 1 percent from last year. Despite this, affordability remains a major obstacle for buyers, with the median list price now at 440,950 dollars and over 20 percent of listings cutting prices in June, the highest rate since 2016. Rockford, Illinois, is this month’s standout, leading price gains at 13.4 percent, while overall national home prices remain flat in most markets[2].

Active listings surged 29 percent year-over-year in June. Unsold homes increased 20 percent, and pending sales dropped 3.5 percent in early July, making this one of the steepest declines in recent memory. Sellers are feeling the squeeze. Many are pulling their homes off the market—delistings rose 47 percent year-over-year in June—choosing to wait rather than accept lower prices. Cities like Nashville saw inventory climb 37 percent but price per square foot fall 2 percent, highlighting intensified competition among sellers[6].

Buyers have gained leverage in negotiations as options increase, yet many remain hesitant amid continued uncertainty. Mortgage rates have dipped to 6.67 percent, sparking a 9 percent jump in applications and a 25 percent increase in home touring activity since January, suggesting possible pent-up demand. Google searches for “homes for sale” reached a 12-month high, emphasizing consumer interest despite muted transaction volumes[2][4].

Banks report a modest rise in residential real estate loans, indicating cautious optimism in lending activity. M&T Bank, for example, saw a 2 percent increase in these loans in their latest quarter[3].

Overall, market leaders are responding to challenges by adjusting pricing strategies and adopting patient selling tactics. The current landscape contrasts sharply with the pandemic boom, as both buyers and sellers recalibrate to slower sales and greater inventory. If rates continue to ease and inventory holds, analysts suggest a gradual price stabilization is possible in the months ahead[1].

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The US housing industry is experiencing a pronounced slowdown in mid-July 2025. In the past 48 hours, several leading data sources have reported that the market, after years of record growth, is close to stalling. More than half of the top 100 US housing markets now register prices below their peak. The annual nationwide price increase slowed to just 1.3 percent in June, the weakest pace in two years, and some metro areas such as Austin and San Francisco have seen median prices drop by over $100,000 from their highs. In Florida, nine of the ten major markets experienced the sharpest monthly declines, with locations like Cape Coral and Sarasota showing losses over $50,000 since June 2022.

Mortgage rates continue to hover near 7 percent, a major drag on affordability for buyers. Existing home sales in June 2025 dipped 0.7 percent year-over-year, and homes are taking longer to sell, now averaging 53 days on the market. This marks the fifteenth straight month of slower sales. Inventory has improved, with active listings growing roughly 29 percent year-over-year, but this has not translated into resurgent sales activity. Instead, more sellers are pulling their listings after failing to find buyers, up 47 percent from last year.

Builders are responding to uncertainty by slowing new home construction. May 2025 saw new single-family homes drop 13.7 percent to a 623,000 annual pace. A 9.8-month supply of new listings is now available, which is much higher than the six-month level traditionally seen as the tipping point between a buyer’s and seller’s market. Yet despite improving inventory, many would-be buyers are holding back due to both high prices and borrowing costs.

Market leaders such as Zillow note that while home appreciation has leveled off, interest rates are slightly down from a year ago and sellers across the country are cutting prices as competition cools. Still, the 30-year fixed mortgage rate remains more than double its 2021 lows, and homebuilders and institutional investors are cautious rather than aggressive.

Comparing to previous periods, the current situation marks a stark reversal from the post-pandemic boom driven by low rates and limited supply. The industry now faces a “critical inflection point,” with continued risk of market softening if rates stay high and consumer confidence remains subdued. Experts warn that the US housing sector, once a robust economic pillar, may begin to act as a drag on the broader economy if these trends persist. The market’s next move will largely depend on Federal Reserve policy, inflation progress, and whether consumer incomes finally make up lost ground as housing prices remain stubbornly elevated[1][2][3][4][5][6].

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The US housing market has seen several notable shifts in the past 48 hours. While mortgage rates remain historically high, there are early signs the market may now be tilting somewhat toward buyers. According to the latest Realtor.com and ResiClub analyses, active home inventory has climbed for the twentieth consecutive month, now reaching post-pandemic highs. This has increased the time homes spend on the market and is prompting more sellers to offer price cuts, giving buyers leverage they have not had in years. However, sellers are starting to withdraw listings in response to prolonged selling times and repeated price reductions.

Mortgage rates are fluctuating at elevated levels. As of July 15, the national average for a 30-year fixed mortgage is 6.717 to 6.84 percent, with brief declines failing to change the broader trend. This is much higher than the sub-3 percent rates seen during the height of the pandemic and is dampening affordability for many buyers. Forecasts now predict that, barring a major economic shift, mortgage rates are expected to remain around current levels for the foreseeable future.

Price growth is stalled. National home prices are virtually flat this year—the Case Shiller National Index is barely changed from December 2024. The Freddie Mac Home Price Index also slipped 0.5 percent year-to-date. Annual home price growth slowed to just 1.3 percent in June, marking the lowest rate in two years. Major Sun Belt cities are seeing steeper declines as sellers compete for scarce buyer demand.

Despite affordable challenges, international investment is surging. From April 2024 to March 2025, foreign buyers purchased 78,100 US homes worth 56 billion dollars, a 44 percent increase in sales volume and 33 percent in value versus the prior year. Florida remains the top target for these buyers, who are disproportionately paying cash and buying at higher price brackets.

Industry leaders are focusing on incentives and digital solutions to close deals more efficiently. Builders are slowing production, and agencies are intensifying outreach to international clients. The market’s trajectory now hinges on the Federal Reserve’s next move and the pace at which inventory continues to normalize. The market is not in crisis, but high rates and flat prices are forcing both buyers and sellers to adjust their strategies in real time.

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In the past 48 hours, the US housing industry has shown clear signs of cooling after a surge in inventory during the first half of 2025. While active listings remain up about 27 percent year over year, recent weeks have seen this growth flatten, suggesting the market is plateauing. New listings rose 9.3 percent for the week ending July 5 compared to last year, but this pace is no longer accelerating. Inventory at the end of June reached 1,082,520 active homes, the highest since 2019, yet still almost 13 percent below pre-pandemic levels. A notable trend is the surge in delistings, up 35 percent so far in 2025, as more sellers choose to pull their homes from the market rather than accept lower offers[1].

At the same time, home sales have slumped to the lowest pace in 16 years, dropping 0.7 percent from a year ago during the normally busy summer season. Homes are taking longer to sell, with median days on the market climbing in states like Utah, where single-family homes now take 52 days to sell versus 42 last year[2][4]. This longer wait is partly due to mortgage rates hovering just below 7 percent, despite a recent dip to 6.67 percent, their lowest since March. That rate reduction briefly boosted purchase applications by 9 percent in early July and by 25 percent compared to last year, giving hope for stronger summer sales[1][5].

Consumer behavior is shifting: more buyers are sitting on the sidelines, waiting for better deals, and sellers are increasingly offering concessions or negotiating prices. The gap between asking and selling prices has widened, with buyers typically securing homes at a 7 percent discount from the median list price. Analysts and agents report more flexibility from sellers and a sense of less urgency from buyers, marking a significant change from the bidding wars of recent years[4][6].

Industry leaders face mounting pressure from high construction costs, labor shortages, and persistent supply constraints, particularly in the Midwest and Northeast. Government responses so far have lagged behind the scale of the affordability crisis, which is compounded by corporate ownership of housing and ongoing regulatory obstacles[3].

In summary, the US housing market is moving from a period of extreme seller advantage to a more balanced, if subdued, environment. Increased inventory, longer selling times, and falling sales volumes highlight a cautious outlook, with expectations that home prices may soften further in the months ahead.

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