During the week ending July 12, nearly 1,000 new homes came onto the market, while the number of homes going under contract remained relatively steady. When more homes become available without a matching increase in buyer demand, buyers gain more choices—and that can lead to stronger negotiating power.
Another notable change is that homes are taking longer to sell. The median Days on Market increased from 37 days to 49 days in just one week. In plain English, buyers are taking more time to make decisions instead of feeling pressured to compete immediately.
The market also experienced more than 1,180 price reductions during the week, a significant increase from the previous two weeks. A price reduction simply means a seller lowered their asking price after their home did not attract the level of interest they expected. While price reductions don't automatically mean home values are falling, they do suggest that many sellers are adjusting to today's market conditions.
The median single-family home sales price also declined another $10,000 this week to $470,000. This marks the second consecutive weekly decline. However, it's important to remember that the median sales price reflects the midpoint of all homes sold during the week—not the value of every individual property. Different neighborhoods and price ranges often perform very differently.
What Buyers Should Know
If you've been waiting for more options, this may be one of the best opportunities we've seen in recent months. With more inventory, longer marketing times, and increasing price reductions, buyers may have additional negotiating leverage on homes that have been sitting on the market.
That said, well-priced homes in desirable neighborhoods continue to attract strong interest. The best opportunities often come from understanding each property's unique situation rather than assuming every seller is equally motivated.
What Sellers Should Know
Today's market rewards preparation more than ever. Buyers have more choices, making pricing, presentation, and strategic marketing increasingly important. Sellers who listen carefully to showing feedback and adjust quickly when necessary often position themselves more successfully than those who simply wait for the market to come to them.
Dorthy's Take
What stands out to me isn't one individual statistic—it's how several indicators are moving together. More homes are hitting the market, buyers are taking longer to make decisions, and price reductions are becoming more common. That tells me we're moving toward a healthier, more balanced market where strategy matters more than ever. This doesn't mean every home is losing value, but it does mean understanding your specific neighborhood and competition is becoming increasingly important.
Every neighborhood behaves differently, so if you're wondering what these trends mean for your home or your next move, I'd be happy to create a personalized strategy based on your goals.
