Pending transactions slowed again, down from the previous month, but remained relatively flat year-over-year—a sign that demand may be stabilizing. Closed transactions also declined month-over-month but were nearly identical to last year.

Months of inventory increased, reflecting the seasonal slowdown post-Independence Day and heading into Labor Day Weekend. Predictive MSI also sits at the same level, indicating that buyers are staying reserved unless the home checks all the boxes and sellers are willing to negotiate.
Prices softened both month-over-month and year-over-year. The average and median closed prices were down, reflecting slower buyer activity and increased inventory.

More than half of homes closed last month sold below asking, showing increased seller flexibility. Concessions were reported in a majority of transactions, with buyers opting more often for permanent rate buy-downs rather than temporary ones.

Days on market continued to climb, with both average and median time to contract increasing. While these numbers are higher than historical norms, they’re still healthy. Notably, nearly a third of homes went under contract in 7 days or less—great homes are still selling quickly.

Showing activity declined from the previous month but was up significantly year-over-year, with nearly 60,000 showings scheduled and an average of just under five showings per listing.