If you’ve been browsing homes this summer, you’re not alone and you’re likely seeing more options than you did a year ago. But while inventory is up, buyers are taking their time, and sellers are starting to feel the pressure.

According to Realtor.com’s latest housing trends report, the U.S. real estate market is shifting into a slower, more buyer-friendly phase. Here’s what that means for you.

More Homes on the Market

According to Realtor.com, the number of homes for sale continues to climb, with active listings up 24.4% compared to this time last year, marking the 89th straight week of inventory growth, and for the 11th week in a row, there are over 1 million homes available nationwide something we haven’t seen since 2019.

Homes Are Sitting Longer

The typical home now spends 58 days on the market, which is one day longer than the same week in July 2019. That’s a clear sign that buyers are being more cautious and taking their time before making offers.

Price Cuts Are on the Rise

With homes lingering longer, sellers are adjusting. In June, 1 in 5 homes had a price reduction the highest rate for that month in Realtor.com’s records. While overall list prices are still slightly up year-over-year, the growing number of price cuts suggests sellers are responding to softer demand.

Mortgage Rates Are Still a Hurdle

The average 30-year fixed mortgage rate ticked up to 6.75%, making monthly payments more expensive and keeping some buyers on the sidelines. Even so, mortgage applications rose slightly, showing that some buyers are still testing the waters.

What This Means for You

• Buyers: You’ve got more choices and more negotiating power than you did a year ago. If you’ve been waiting for the market to cool, this could be your moment especially if you’re flexible on timing or location.
• Sellers: It’s still a good time to sell, but pricing your home right is more important than ever. Homes that are priced competitively and show well are still moving, but patience may be required.