Potential homebuyers on the sidelines may get a break this summer as list prices decreased by 2.5 percent year over year in June, the biggest decline since 2017, according to a July 1 report by Realtor.com.
Another sign that the market could be rebalancing is that, for the first time in 26 months, homes were on the market for no longer than a year earlier, and pending sales climbed by 3.7 percent year over year—increasing for the seventh month in a row—the housing listings and data platform indicated.
“Eight straight months of falling prices and seven straight months of rising pending sales are not a contradiction,” Realtor.com chief economist Danielle Hale said in the report. “Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids.”…