US Home Prices Drop Most in a Decade

US home prices registered their most significant year-over-year decrease in nearly a decade, according to new data from Realtor.com. The asking price for a new home has seen a consecutive decline for eight months. In June 2026, the national median list price for a home stood at $430,000, a decrease from approximately $449,000 in June 2022.

Realtor.com Chief Economist Danielle Hale stated that eight consecutive months of falling prices, coupled with seven months of rising pending sales, indicate a market adjusting to conditions. Sellers are reportedly pricing homes more realistically from the outset, leading buyers to make offers. Pending home sales increased by 3.7% in June compared to the previous year, marking the seventh consecutive month of growth.

The data also indicates a stable rate of pending sales, with 6.9% of contracts canceled in May and April, a slight decrease from 7.3% during the same period in 2025. The report highlights that homes are going under contract and remaining so, suggesting a healthier transaction process. Furthermore, homes are no longer sitting on the market for extended periods, ending a 26-month trend of slower sales compared to the prior year.

In June 2026, the median time a home spent on the market was 53 days, consistent with June 2025. Regional variations exist, with homes in the Northeast spending two fewer days on the market compared to the previous year, signaling a market that is regaining momentum.