Price Cuts on Homes Reach a 2-Year High

August 6, 2024

Homebuyers have been waiting years for prices to go down—and finally, there are promising signs that it’s starting to happen.

Median home prices fell in July, dipping from $445,000 in June to $439,950 in July, according to a new monthly housing report by Realtor.com®.

July is typically a peak time for home sales, so price cuts are unusual—but this summer’s market has been different for two reasons.

“First, rates remain higher than expected, which means there is less buyer activity,” says Realtor.com senior economist Ralph McLaughlin. “Second, the prospect of lower mortgage rates coming this fall may have induced some buyers to wait. This combo has led sellers to lower their prices in order to attract more buyers.”