MarketMoodz
U.S. Asking Prices Post Deepest Annual Drop Since 2017
National median asking price fell to $430,000 in June, down 2.5% year‑over‑year — the steepest annual decline Realtor.com has recorded since it began tracking in 2017. Eight straight months of declines, a 2% rise in new listings and rising pending sales suggest buyers are gaining leverage even as mortgage rates hover near 6.5%.
Key Takeaways
- June national median asking price was $430,000, down 2.5% year‑over‑year — the largest annual decline in Realtor.com’s 2017–present dataset.
- Asking prices have fallen for eight consecutive months through June, while new listings rose 2% year‑over‑year.
- Share of listings with price cuts was 18.8% in June, down 1.9 percentage points year‑over‑year, and median time on market held at 53 days.
- Pending home sales rose 3.7% year‑over‑year through June, marking the seventh straight month of year‑over‑year growth.
- Mortgage rates sat around 6.5% in June; a $430,000 home with 20% down at a 6.49% rate implies a typical payment of about $2,172 — roughly $132 less per month than June 2025.
People Involved
- Danielle HaleChief Economist, Realtor.com
Entities Involved
- Realtor.comProvider of the monthly housing market trends report and data cited
- Fox BusinessOutlet summarizing and reporting Realtor.com’s findings
- Federal ReserveCentral bank; federal funds rate target held at 3.5%–3.75% in June
MarketMoodz Analysis
For investors, the headline drop in asking prices signals a market shifting toward buyers after several years of supply‑constrained price growth. Softer asking prices and a sustained rise in pending sales—up 3.7% year‑over‑year through June—suggest demand is present but buyers are extracting better terms, either via lower list prices or more aggressive negotiation. That dynamic matters for mortgage originations, mortgage REITs and homebuilders: originations could stabilize if rates remain near 6.5% and pending sales convert to closed deals, while builder margins and regional housing equities will depend on how inventory and local demand balance out.
This is the deepest annual decline Realtor.com has recorded since it began tracking in 2017, which frames the move as more than a one‑month wobble; it reflects a multi‑month adjustment as sellers price more competitively from the outset to avoid later cuts. The share of listings with price cuts fell to 18.8% in June, implying sellers are setting lower initial asks rather than relying on mid‑listing markdowns. Investors should treat these national figures as directional: regional markets will diverge sharply, and methodological differences across data providers mean comparisons to other national series (Case‑Shiller, Redfin, MLS aggregates) can produce different narratives.
Watch the pipeline: mortgage rates, Fed policy and conversion of pending sales to closings will determine whether the affordability window widens enough to sustain a rebound in activity. Key metrics to monitor are weekly mortgage rates, pending‑to‑closed conversion rates, the trend in new listings, and any increase in price‑cut share that would indicate renewed seller resistance. Also note the caveat that these results come from Realtor.com’s dataset and methodology, which can differ from other national trackers.
Source: Original Article