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 you’re ready to buy. A lower rate means you’ll save on your payment each month, which can make a big difference. But remember: Date the rate, marry the house. Don’t buy just because the numbers changed a little. Rates will go up and down—but finding the right home you can actually afford is what really matters.

Great news, 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. You 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: Keep your monthly mortgage payment at 25% or less of your take-home pay so your home is a blessing, not a burden. 

And sellers, you’ve got one shot to price your home right. Partner with a trusted expert from day one to avoid painful price cuts later. First impressions (and that first listing price) matter more than you think.

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.

You can buy or sell successfully in any kind of market. But the best time to make a move is when you’re financially ready. Whether it’s a buyer’s or a seller’s market shouldn’t drive your decision—but it can give you a good idea of what to expect. Let’s take a look.

• Buyer's Market: There are more homes for sale than there are buyers (higher supply, lower demand). Buyers may see less competition, more time to shop, purchase incentives, better negotiating terms and even price cuts.

• Seller’s Market: There are fewer homes for sale than there are buyers (lower supply, higher demand). Sellers may receive multiple offers, close faster, get stronger contract terms, and sell at higher prices.

• Neutral Market: A housing supply of four to six months is generally considered a neutral or balanced market, though not all economists agree on the exact range. In a neutral market, home prices tend to rise at a steady pace and buyers and sellers are usually on equal footing when it comes to negotiating.