Sellers are lowering prices on homes that linger on the market rather than delisting them. The current listing count exceeds 1 million, with falling median prices observed in major metro areas. Factors include increased supply, decreased demand, and rising interest rates. Cincinnati shows the largest year-over-year median price drop at 6.3%, yet active listings have increased by 28.8%. Homes in this market sell rapidly, averaging one day on the market, with a median list price of $355,000, indicating affordability despite price declines.
"On the buyer side, demand is still very low," says Jake Krimmel, senior economist at Realtor.com. "The trifecta of still-high prices, high interest rates, and low consumer sentiment means that buyers remain cautious."
Three cities in particular have seen the biggest year-over-year median price decline: Cincinnati (-6.3%), Sacramento (-4.8%), and Miami (-4.7%).
Cincinnati posted a 6.3% median list price decline (year over year) in June-tops in the nation. But drilling down further, the prices actually went up 1.1% year over year on a square-foot-adjusted basis in the Queen City.
Despite Cincinnati having the biggest median price decline year over year, the number of active listings is up a healthy 28.8% in the same time period.
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