Summer sales in the US housing market reached their slowest growth rate in 10 years, Inman reports, writes UNN.
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"Summer home sales (in the US) reached their slowest pace in 10 years, as buyers continue to struggle with high costs and economic uncertainty," the report says.
As of July 2025, the average home under contract in the US spent 43 days on the market, up from 35 days a year earlier, and the longest period a home has been on the market since July 2015, Redfin reported on Monday.
The volume of pending sales in the US market decreased by 1.1% from June to July 2025, reaching its lowest seasonally adjusted level since November 2023. At the same time, existing home sales reached their lowest level in almost a year, reaching 4.15 million on a seasonally adjusted annual basis.
A growing number of homes listed for sale before sales begin is also easing pressure on buyers to close deals, contributing to rising inventory levels, Redfin reports. Active listings in July were near a five-year high, though down 1.1% from June, as sellers reacted to declining buyer demand.
"Supply is starting to fall as potential sellers choose not to list their homes, seeing their neighbor's home remain on the market or sell for less than the asking price," said Redfin senior economist Asad Khan. "Some sellers are also taking their homes off the market, preferring instead to rent them out or postpone moving altogether, especially if they purchased property at the height of the pandemic and fear losses."
The exit of some sellers from the market is also accelerating home price growth: the median home sale price in the US in July increased by 1.4% year-over-year to $443,867 – a new record for the median sale price in July. At the same time, home price growth slowed in early 2025.
Some home buyers are also backing out of deals, Redfin notes, as they realize they will have other options if they don't like how the deal is progressing.
In July, about 58,000 home purchase agreements were canceled in the US, representing about 15.3% of the total number of homes under contract that month, the highest figure since 2017.
The typical home sold in the US in July also sold for about 1% less than the asking price, the largest discount in July since 2020. At the same time, 28.9% of homes sold for more than the asking price, the lowest figure since 2019.
US housing prices hit new record despite signs of easing13.08.25, 10:19 • [views_5050]