Buyers had more options on the market in July, with the number of homes for sale jumping 25% compared to this time last year. That’s over 1.1 million houses on the market—making it the third month in a row with more than a million active listings. It’s also the 21st straight month of year-over-year inventory growth (even though we’re still about 13% below pre-pandemic levels).¹

Mortgage rates dipped a bit last month—good news if your clients are ready to buy. A lower rate means they’ll save on their payment each month, which can make a big difference. But remember: They should date the rate and marry the house. They shouldn’t buy just because the numbers changed a little. Rates will go up and down—but finding the right home they can actually afford is what really matters.

Great news for buyers: Home prices are holding steady for the second month in a row. Since price growth is finally slowing down, that means the market is starting to shift a bit more in favor of buyers. Your clients don’t have to stress about being priced out in the next few weeks because, for now, prices aren’t climbing as fast. Just remember: They should keep their monthly mortgage payment at 25% or less of their take-home pay so their home is a blessing, not a burden.

For sellers, there’s only one chance to price a home right—because first impressions (and the listing price) matter.

In July, homes sat on the market about a week longer than they did this time last year. That’s the 16th month in a row it’s taken longer to sell a house compared to the year before. 

Since home prices are still high, some buyers are holding off. That’s slowing the market down—and in some places, it’s starting to shift things in favor of buyers, giving them more power to negotiate a better price.