A new report from Redfin confirms what many home sellers already know. Prices are lagging and homes are staying on the market longer in many metros.
“[Sellers] have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer,” commented Boston-based Redfin agent James Gulden. “I advise my sellers to be realistic about the price they’re going to get. I’m also reminding sellers to be patient and not panic.”
That reassurance is necessary because the median home-sale price fell in 14 of the 50 most populous metro areas this week, according to a Redfin report. The median sale price rose 2% year over year, below levels reached earlier in 2025, and is expected to drop 1% annually by the end of the year.
The median asking price has already fallen to its lowest level in five months. “That signals that more and more sellers are pricing their home lower from the start to meet buyers where they are in terms of price expectations,” Redfin commented.
Monthly mortgage payments also slipped to a median of $2,671 in the last week of July, the lowest level since January. Year-over-year, however, that marked a 2.8% increase.
“Pending U.S. home sales are down 1.4% from a year ago, while total inventory is up 8.9%. New listings are stagnant, up 0.6% year over year, as some would-be sellers opt to stay put rather than enter the buyer’s market,” the report noted.
The poster child for the drop in prices is Oakland, CA, where prices dropped 6.8% year-over-year in the week. Other metros experiencing similar pain were West Palm Beach (down 4.9%), Jacksonville (down 3.1%), Austin (down 2.9%) and Houston (down 2.8%).
In West Palm Beach, the typical home took 93 days to go under contract, 18 days longer than the year before. Pending sales were down 1.4% and supply up 7.7% over the year.
Nationally, for the four weeks ending July 27, 2025, the median sale price was up 2% to $398,700 – lower than the $402,100 asking price, which was up 2.7%. The average sale-to-list price ratio was 98.9% down 99.4% year-over-year. The share of homes off the market in two weeks fell from 36% to 32.9% year-over-year. Houses remained on the market for 40 days, six days more than the previous year.
Some metros, however, beat the losing streak. The biggest year-over-year increases in median sales prices were in Cleveland (15%), Montgomery County, PA (9.2%), Nassau County, NY (8.5%), Detroit (6.9%), and Indianapolis (6.7%).
The largest increases in pending sales were in Phoenix, Austin, Virginia Beach, Warren, MI and Milwaukee, and the biggest slumps in Miami, Tampa, Orlando, Portland, OR and Las Vegas.
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