Market outlook
June was largely a month of continuity for the economy and stability for the housing market. That is no small thing after a tumultuous spring that left us whiplashed over mortgage rates and bracing for the economic fallout of rising inflation and the war in Iran. This month, the shocks gave way to a settled, if unspectacular, backdrop: mortgage rates hovered around 6.5% all month, inflation firmed but largely as expected — landing as confirmation rather than surprise to markets and consumers alike — the labor market steadied further, and the Fed held rates unanimously while signaling a more hawkish posture ahead. Not necessarily a rosy picture, but one that looks more steady than just a few months prior.
The housing data told the same story of continuity. Every trend we tracked through the spring carried into June: new listings up, especially in the Northeast; pending sales up for a seventh straight month; and asking prices down, but due to seller realism rather than distress. It was a no-news-is-good-news June. While it may seem obvious now, this was far from a foregone conclusion just a few months ago. We spent the spring bracing for another false start and then a second straight Cruel Summer. That the housing market held resilient was not inevitable in hindsight.
In This Report
June’s top storylines, according to the data
Asking prices fell again at a record pace — down 2.5% year over year.
That’s the steepest annual drop in Realtor.com® data since 2017 and the eighth straight month of declines. List prices per square foot fell 2.1% and are declining in 33 of the top 50 metros.
The 26-month streak of homes taking longer to sell is over.
Median time on market held at 53 days in June — exactly matching last June — ending more than two years of consecutive year-over-year slowing. The median home is now spending the same amount of time on market as the pre-pandemic norm.
Spring’s momentum looks to carry into summer.
New listings rose 2.4% year over year and pending sales grew for a seventh straight month (+3.7% YoY) — a streak not seen since January through July 2021. Contract cancellations held below last year (6.9% vs. 7.3%), and there are no signs of a repeat of last summer’s delisting surge: delistings are down nearly 10% year over year in June.
Two Americas, four years from peak prices.
Since list prices peaked nationally in June 2022 at $449,000, asking prices are down 7.3% in the West and 3.5% in the South — but up 10.0% in the Midwest and 12.6% in the Northeast. Prices since the 2022 peak have fallen in 28 of the top 50 metros and risen in 22: a true measure of how fragmented housing has become since mortgage rates climbed.
Key questions
Q: Mortgage rates ended the spring higher than many hoped, and with a new Fed chair signaling concern about inflation, rate relief is probably not forthcoming. Can the housing market keep weathering the storm?
A: So far, so good — but keep in mind that weathering the storm is far from thriving. The central concern was that volatility and higher mortgage rates would freeze activity at some point this year. That fear has yet to materialize. Mortgage rates have sat around 6.5% for six straight weeks now, after a rollercoaster spring. Underlying activity has hardly flinched, with new listings up 2.4% and pending sales increasing for seven straight months. Even though mortgage rates have strayed above expectations and are likely to remain elevated, the song has remained the same for the past few months.
Q: Prices are falling — which sellers don’t love — and mortgage rates have steadied higher than expected, which isn’t what buyers were hoping for. Is this the “correction” people keep predicting, and how do we know we’re not in for another Cruel Summer?
A: The listing price drops should be characterized as normalizing, not an outright market correction. Asking prices were never going to climb forever without incomes rising sharply or rates falling sharply, and neither happened, so prices are giving back ground: down 2.5% nationally, broadly, with the steepest declines in the South and West. But this isn’t a Cruel Summer sequel, because the buyer-seller dynamics are more consistent with negotiation than a standoff. Unlike last year, sellers are willing to take a slight haircut to move, and buyers get a little relief on price to offset rates that settled higher than hoped. Each side gives a little. And the surest sign this isn’t distress: pending sales are up again by a healthy margin. Homes are still selling.
Q: What should we be monitoring heading into July?
A: July is when the market traditionally takes its foot off the gas, so the question is how much will things decelerate? Spring listings age, buyer urgency fades, activity slows. June already shows the first signs: price cuts ticked up to 18.8%, and new listings slipped slightly from May — though they remain above last year. We’ll judge the probable summer slowdown by three things: whether homes start sitting longer, whether price cuts accelerate beyond the usual seasonal ramp, and whether new listings genuinely pull back or just flatten out.
Back to top
Core metrics: June 2026
Median list price: $430,000
- vs. previous month: Up 0.1%, roughly flat — a more muted seasonal uptick than prior Junes
- vs. previous year: Down 2.5%, the eighth straight month of falling year-over-year prices, and the largest drop since Realtor.com® data began in 2017
The price per square foot — a gauge of home values that accounts for the size of homes on the market — moved similarly: flat month over month (-0.1%), and -2.1% year over year, which is also among the largest annual drops in our data series.
At the regional level: Year-over-year median list prices fell in three of the four major regions: -4.0% in the West, -2.5% in the South, and -1.0% in the Northeast. The Midwest crossed back to flat (0.0%) after last month’s -1.2%, the first region to climb out of negative territory. When adjusting for home size, median prices per square foot rose in the Midwest (+1.5%) and the Northeast (+0.9%), while the South (-3.2%) and West (-1.6%) continued to fall.
At the metro level: The median list price per square foot is falling in 33 of the top 50 metros. The largest per-square-foot price declines were in Austin (-8.2%), Memphis (-6.0%), and Buffalo (-5.2%). The largest gains were in Providence (+8.7%), Indianapolis (+4.9%), and New York (+3.4%).
Four years from the peak: Median list prices peaked nationally in June 2022 at $449,000. Four years later, they are down 4.2% nationally — but the regional picture is starkly divided. Asking prices since June 2022 are down 7.3% in the West and 3.5% in the South, but up 10.0% in the Midwest and 12.6% in the Northeast. Prices since June 2022 have fallen in 28 metros and risen in 22 — a true and accurate representation of the fragmentation in housing since mortgage rates climbed.
Active listings: 1,102,615
- vs. previous month: Up 4.1%
- vs. previous year: Up 1.9%
Year-on-year active listings growth slowed again — from +2.2% last month to +1.9% — extending the deceleration that has been running since last spring. Nationwide inventory remains 11.3% below typical 2017–2019 levels, a slightly deeper shortfall than last month’s 10.4% gap.
At the regional level: Inventory rose across all four regions, with larger gains in the Northeast (+8.5% YoY) and Midwest (+7.3%). Growth was close to flat in the South (-0.1%) and West (+0.3%).
At the metro level: 35 of the 50 largest markets recorded year-over-year inventory growth. The sharpest increases were in Louisville (+28.7%), Buffalo (+27.7%), and Seattle (+20.6%).
New listings: 463,480
- vs. previous month: Down 2.4% — a typical seasonal pullback from May
- vs. previous year: Up 2.4%
At the regional level: New listing growth was strongest in the Northeast (+12.6% YoY), more modest in the Midwest (+1.0%) and South (+0.4%), and slipped into negative territory in the West (-0.8% YoY).
At the metro level: Metros with the strongest new-listing growth year over year were New York (+28.2%), Buffalo (+12.3%), and Minneapolis (+9.5%).
A note on spring delisting trendsDelistings — homes pulled from the market without a sale — spiked last summer and remained elevated through much of this spring. For most of the spring they continued to outpace year-over-year levels, but preliminary data show that trend has reversed: delistings are now down nearly 10% compared to June 2025. Delistings sit at roughly 5% of active listings, near their lowest share since last year’s surge began. That’s an important signal: the stress indicator that defined last year’s Cruel Summer is fading, not growing.
Time on the market: 53 days
- vs. previous month: Up 1 day — normal seasonal movement
- vs. previous year: No change — the 26-month streak of year-over-year slowing has ended
After 26 consecutive months of homes taking longer to sell year over year, the streak ended: the median home in June sold in exactly the same number of days as a year ago. The median home is now spending the same amount of time on market as the pre-pandemic norm.
Regional and metro levels: Time on market is now lower than a year ago in the Northeast (-2 days), supported by the surge in new supply. Days on market are modestly up in the Midwest (+3 days) and West (+2 days), and flat in the South. The metric rose in 32 of the top 50 metros. Time on market increased the most in Boston (+6 days), Memphis (+6), and Oklahoma City (+6). Conversely, Jacksonville is now 8 days faster than a year ago and Richmond is 6 days faster.
Pending sales and contract activity
Stock of listings in pending status:
- vs. previous year: Up 3.7%, the seventh straight month of year-over-year growth
We have not seen seven straight months of year-over-year pending sales growth since December 2020 through June 2021.
Flow of new contract signings:
- vs. previous year: Up 2.6% (May 2026 contract signings)
A note on spring contract cancellationsOne concern that comes with elevated economic uncertainty and rising pending sales is that those contracts eventually fall apart and fail to convert to home sales — making buyer activity appear stronger than it is. Fortunately, that does not seem to be the case. Contract cancellations in April and May came in at 6.9% of pending sales each month, modestly below the 7.3% rate recorded in both months a year ago. So far in 2026, cancellations have remained lower than in the past several years. If that holds through summer, we can say with more confidence that economic uncertainty is being felt in rates and sentiment — but not yet in transaction behavior.
Price cuts: 18.8% of listings saw a price cut in June
- vs. previous month: Up 1.3 percentage points — the typical seasonal summer ramp as spring listings age
- vs. previous year: Down 1.9 percentage points
Even as the share of listings with price cuts remains well below last year, it climbed from 17.5% in May — a typical seasonal summer ramp as spring listings age. The year-over-year story still holds: 2026 has seen both fewer price cuts and lower list prices than a year ago, consistent with sellers pricing more realistically upfront. But the month-over-month rise is a signal worth watching as the market moves into summer.
Regional and metro levels: Price cuts remain least common in the Northeast (12.5% of listings) and Midwest (16.5%) compared to the South (20.7%) and West (20.4%). At the metro level, price cuts were least common in Hartford (7.1%), New York (9.4%), and Buffalo (9.6%), and most common in Denver (29.0%), Phoenix (28.7%), and Austin (27.6%).
Back to top
Summary tables
National
| Metric | June 2026 | Change Over May 2026 (MoM) | Change Over June 2025 (YoY) | Change Over June 2019 | Change Over June 2022 |
| Median listing price | $430,000 | 0.1% | -2.5% | 34.4% | -4.2% |
| Active listings | 1,102,615 | 4.1% | 1.9% | -9.6% | 92.2% |
| New listings | 463,480 | -2.4% | 2.4% | -16.7% | -13.1% |
| Median days on market | 53 | 1 | 0 | 0 | 23 |
| Share of active listings with price reductions | 18.8% | 1.3 | -1.9 | 1.8 | 4.0 |
| Median List Price Per Sq.Ft. | $228 | -0.1% | -2.1% | 49.7% | 0.4% |
Regional: Listings
| Active Listings | New Listings | ||||||
| Jun. 2026 | YoY | vs. Pre-Pandemic | Jun. 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | 1,102,615 | 1.9% | -11.3% | 463,480 | 2.4% | -15.3% | |
| Northeast | 115,357 | 8.5% | -47.3% | 70,400 | 12.6% | -17.3% | |
| Midwest | 157,384 | 7.3% | -36.0% | 94,374 | 1.0% | -20.7% | |
| South | 590,482 | -0.1% | 4.7% | 198,818 | 0.4% | -7.1% | |
| West | 236,531 | 0.3% | 11.7% | 97,328 | -0.8% | -23.9% | |
Regional: Prices
| Median List Price | Median List Price per Sq. Ft. | ||||||
| Jun. 2026 | YoY | vs. Pre-Pandemic | Jun. 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | $430,000 | -2.5% | 34.4% | $228 | -2.1% | 49.7% | |
| Northeast | $554,500 | -1.0% | 49.9% | $313 | 0.9% | 70.9% | |
| Midwest | $329,900 | 0.0% | 37.5% | $183 | 1.5% | 48.7% | |
| South | $389,000 | -2.5% | 31.5% | $205 | -3.2% | 47.4% | |
| West | $600,000 | -4.0% | 30.5% | $323 | -1.6% | 46.3% | |
Regional: Market pressures
| Median Time on Market | Share of Listings With Price Cuts | ||||||
| Jun. 2026 | YoY | vs. Pre-Pandemic | Jun. 2026 | YoY | vs. Pre-Pandemic | ||
| U.S. Avg. | 53 | 0 | 0 | 18.8% | -1.9 | 1.8 | |
| Northeast | 42 | -2 | -12 | 12.5% | -0.2 | -5.0 | |
| Midwest | 43 | 3 | -4 | 16.5% | -0.2 | -0.5 | |
| South | 61 | 0 | 1 | 20.7% | -2.2 | 3.9 | |
| West | 52 | 2 | 8 | 20.4% | -2.8 | 3.6 | |
Back to top
Appendix: June 2026 statistics
June 2026 National and Regional Housing Overview
| Region | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Northeast | 8.5% | 12.6% | $554,500 | -1.0% | 0.9% | -2 | 12.5% | -0.2 |
| Midwest | 7.3% | 1.0% | $329,900 | 0.0% | 1.5% | 3 | 16.5% | -0.2 |
| South | -0.1% | 0.4% | $389,000 | -2.5% | -3.2% | 0 | 20.7% | -2.2 |
| West | 0.3% | -0.8% | $600,000 | -4.0% | -1.6% | 2 | 20.4% | -2.8 |
| National Average | 1.9% | 2.4% | $430,000 | -2.5% | -2.1% | 0 | 18.8% | -1.9 |
June 2026 Housing Overview of the 50 Largest Metros
| Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Atlanta-Sandy Springs-Roswell, GA | 1.9% | -2.6% | $429,000 | 1.9% | 0.0% | 1 | 22.9% | -3.3 |
| Austin-Round Rock-San Marcos, TX | -5.0% | 0.3% | $473,500 | -9.8% | -8.2% | 5 | 27.6% | -5.0 |
| Baltimore-Columbia-Towson, MD | 15.1% | 8.6% | $384,750 | -3.8% | -1.4% | 4 | 17.6% | 0.2 |
| Birmingham, AL | 7.0% | 4.1% | $300,000 | -3.2% | -1.4% | 1 | 18.8% | 0.3 |
| Boston-Cambridge-Newton, MA-NH | 13.6% | 4.8% | $825,000 | -3.5% | -0.2% | 6 | 14.6% | -4.1 |
| Buffalo-Cheektowaga, NY | 27.7% | 12.3% | $272,500 | -9.1% | -5.2% | -1 | 9.6% | 0.5 |
| Charlotte-Concord-Gastonia, NC-SC | 16.4% | 6.0% | $440,000 | -3.2% | -1.6% | 3 | 23.5% | -2.5 |
| Chicago-Naperville-Elgin, IL-IN | -7.8% | -11.8% | $394,500 | 3.8% | 1.8% | -1 | 12.7% | -0.6 |
| Cincinnati, OH-KY-IN | 18.9% | 4.7% | $354,900 | 0.0% | -0.1% | 5 | 17.2% | 1.4 |
| Cleveland, OH | 3.8% | 2.8% | $277,000 | 0.0% | 3.3% | 2 | 16.2% | 0.8 |
| Columbus, OH | 8.5% | 1.7% | $394,500 | 1.2% | 1.1% | 2 | 23.4% | -0.1 |
| Dallas-Fort Worth-Arlington, TX | -4.4% | -6.5% | $439,990 | 0.0% | -2.0% | 1 | 26.8% | -3.7 |
| Denver-Aurora-Centennial, CO | -4.9% | -1.4% | $589,000 | -3.4% | -3.5% | 3 | 29.0% | -4.6 |
| Detroit-Warren-Dearborn, MI | 14.3% | 3.6% | $275,000 | -1.8% | 0.0% | 3 | 15.9% | 0.6 |
| Hartford-West Hartford-East Hartford, CT | 1.5% | -0.1% | $480,000 | 3.5% | 0.8% | 1 | 7.1% | -1.3 |
| Houston-Pasadena-The Woodlands, TX | 1.4% | -0.5% | $362,265 | -3.4% | -2.4% | 4 | 20.1% | -3.7 |
| Indianapolis-Carmel-Greenwood, IN | 18.6% | 9.0% | $321,450 | -5.0% | 4.9% | 5 | 25.6% | -1.1 |
| Jacksonville, FL | -20.6% | 1.1% | $399,000 | -2.4% | -2.5% | -8 | 23.7% | -6.5 |
| Kansas City, MO-KS | -2.3% | 1.2% | $415,000 | 1.3% | 1.3% | 0 | 14.9% | -3.5 |
| Las Vegas-Henderson-North Las Vegas, NV | 3.4% | 3.2% | $474,950 | -1.0% | -1.9% | 5 | 23.3% | -3.4 |
| Los Angeles-Long Beach-Anaheim, CA | -0.9% | -2.9% | $1,099,950 | -7.6% | -2.8% | 3 | 15.4% | -1.6 |
| Louisville/Jefferson County, KY-IN | 28.7% | 3.1% | $322,487 | -1.0% | 0.3% | 2 | 19.8% | 0.8 |
| Memphis, TN-MS-AR | 14.2% | 0.4% | $302,500 | -12.9% | -6.0% | 6 | 25.1% | 1.1 |
| Miami-Fort Lauderdale-West Palm Beach, FL | -16.0% | -0.4% | $499,000 | -2.2% | -0.9% | -2 | 15.2% | -3.7 |
| Milwaukee-Waukesha, WI | 10.3% | 2.9% | $408,400 | -0.4% | 2.1% | 4 | 11.8% | -0.5 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 12.6% | 9.5% | $439,450 | -1.9% | -0.5% | 0 | 16.5% | 0.4 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 11.0% | 1.0% | $539,945 | -1.6% | -0.9% | 2 | 21.5% | -1.8 |
| New York-Newark-Jersey City, NY-NJ | 4.8% | 28.2% | $792,000 | 0.7% | 3.4% | -2 | 9.4% | 0.4 |
| Oklahoma City, OK | 9.5% | 2.6% | $319,900 | -3.0% | -0.7% | 6 | 22.0% | -1.4 |
| Orlando-Kissimmee-Sanford, FL | -4.5% | 4.7% | $419,990 | -2.3% | -2.8% | 0 | 22.2% | -3.6 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 13.0% | 9.4% | $389,900 | 0.6% | -0.6% | -2 | 15.2% | 0.0 |
| Phoenix-Mesa-Chandler, AZ | -3.3% | 6.6% | $489,500 | -5.9% | -2.0% | -1 | 28.7% | -4.4 |
| Pittsburgh, PA | 10.6% | 7.6% | $259,900 | 1.9% | 0.8% | -1 | 19.1% | 0.3 |
| Portland-Vancouver-Hillsboro, OR-WA | -0.4% | -1.6% | $598,950 | -2.6% | -1.9% | 2 | 27.0% | -3.2 |
| Providence-Warwick, RI-MA | 6.8% | 7.1% | $599,675 | 0.0% | 8.7% | 1 | 10.3% | -2.1 |
| Raleigh-Cary, NC | 3.7% | -3.7% | $459,000 | -0.2% | -2.3% | 0 | 22.1% | -0.1 |
| Richmond, VA | 17.4% | 9.1% | $450,000 | -1.1% | 1.3% | -6 | 15.3% | 1.3 |
| Riverside-San Bernardino-Ontario, CA | -6.1% | -2.6% | $595,000 | -0.8% | -2.4% | 1 | 16.9% | -4.0 |
| Sacramento-Roseville-Folsom, CA | -6.8% | 7.5% | $630,000 | -0.8% | -0.1% | 0 | 19.6% | -6.9 |
| St. Louis, MO-IL | 10.7% | 4.3% | $290,000 | -3.3% | -0.8% | 4 | 16.1% | -0.6 |
| Salt Lake City-Murray, UT | 2.8% | 4.9% | $570,450 | -4.1% | 0.4% | 2 | 25.9% | -2.9 |
| San Antonio-New Braunfels, TX | 5.0% | 4.5% | $325,000 | -4.5% | -4.9% | -1 | 27.6% | 0.9 |
| San Diego-Chula Vista-Carlsbad, CA | -5.2% | -8.1% | $929,000 | -6.6% | -2.4% | 2 | 17.8% | -3.7 |
| San Francisco-Oakland-Fremont, CA | -17.4% | -7.6% | $998,000 | -0.2% | -4.6% | -3 | 13.1% | -4.3 |
| San Jose-Sunnyvale-Santa Clara, CA | 5.8% | -7.5% | $1,385,000 | -1.0% | -4.9% | 3 | 16.5% | 1.0 |
| Seattle-Tacoma-Bellevue, WA | 20.6% | 0.7% | $783,250 | -2.0% | -3.3% | 2 | 21.2% | 0.8 |
| Tampa-St. Petersburg-Clearwater, FL | -10.5% | 1.3% | $399,925 | -4.6% | -4.2% | 0 | 26.4% | -4.7 |
| Tucson, AZ | -6.0% | -8.1% | $385,000 | -1.7% | -1.4% | 5 | 22.0% | -2.1 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 8.8% | 9.0% | $439,100 | 5.8% | 2.4% | -1 | 18.5% | -2.5 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 9.9% | 4.8% | $585,000 | -6.4% | -2.3% | 2 | 16.9% | -0.4 |
Methodology
Realtor.com® housing data as of June 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com®. Realtor.com® data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
Methodology for cancellations: A contract cancellation is counted if a listing was pending on one day and then back to active the next. It may miss a few that have been entirely delisted.
Contract Signings represent the flow of homes entering pending status in a given month (i.e. homes that went under contract for the first time in that period). This is a flow measure, not a stock measure. This distinguishes it from the stock of pending listings, which measures the total number of homes under contract at a given point in time regardless of when they entered that status.
