June US Housing Market: A Shifting Landscape [VIDEO]

July 15, 2025

Summary

The U.S. housing market is undergoing a significant re-balance, with June 2025 data from Realtor.com® revealing a clear shift in favor of buyers. For the 20th consecutive month, inventory has climbed, offering more options across all major regions of the country. Homes are now taking an average of five days longer to sell nationally compared to June 2024, signaling a more moderate pace.

Sellers are adapting to these softer conditions. Expect to see more price reductions, with over one in five listings seeing a price cut in June. However, national median list prices have held steady, suggesting many sellers are still anchored to peak-era expectations. A growing number of homeowners are choosing to de-list their homes altogether if they don’t get their desired price, a trend that could impact future buyer momentum.

This period marks a pivot from the intense seller’s market of recent years. While buyers are gaining more choices, the market is still navigating complex dynamics driven by both increasing supply and sellers’ strategic decisions.

Report

After years of tight supply and bidding frenzies, the US housing market is catching its breath. Fresh data for June points to more balance. Buyers have more options, and homes are staying on the market a bit longer. The headline: 20th consecutive month of increasing inventory, with new listings rising across every major region. The result is a calmer pace and more chances to compare, plan, and choose. But the story is not the same in every part of the country. The South and West look one way, the Northeast and Midwest look another. Sellers are also adjusting in different ways, from cutting prices to pulling homes off the market. Let’s unpack the trends shaping June.

National Trends in Inventory and Sales Pace

Rising Inventory Levels

Inventory has been growing for nearly two years, and June kept the streak alive. New listings rose across every major region. The total number of homes for sale topped 1 million for the second month in a row and now sits above 2020 levels. That gives buyers more choice and more time.

Why that matters for buyers:

More options to compare across price points, locations, and features.
A better shot at fair pricing and concessions.
Fewer bidding wars, and less pressure to waive protections.

The gap between demand and supply is not fully closed, yet the direction favors shoppers. More homes on the market make it easier to find a match without rushing.

Slower Time on Market

Homes are taking about 5 days longer to sell compared to last year. That is a small shift, yet it changes the feel of the search. Instead of racing to get an offer in by dinner, buyers can tour, think, and come back with questions. Price discovery also improves in a market with more time. Percentages and headlines aside, this is an slower, steadier pace that keeps decisions grounded.

Regional Variations Shaping the Market

The national view hides key regional differences. Some areas now look softer than they did before the pandemic, while others still feel tight.

Softer Markets in the South and West

In the South and West, inventory and days on market have passed pre-pandemic levels. When more homes sit longer, list prices face pressure. Buyers in these areas are seeing more price adjustments and more variety, which helps soften the tone of negotiations.

Inventory growth is strongest in the West, up over 38%. The South follows, nearly 30%. In plain terms, new supply is coming to market and staying visible. That reduces urgency and opens the door to more measured offers.

West: +38% inventory
South: +30% inventory

These shifts matter for pricing. Sellers in these regions are more likely to cut, or to test the market and step back if their expectations are not met. In short, the South and West now behave closer to a normal market, with a bit more give on price and terms.

Tighter Conditions in the Northeast and Midwest

The Northeast and Midwest tell a different story. Inventory is still relatively tight, and these regions continue to see modest price growth. Buyers here do not have the same level of choice as those in the South and West. Good listings still draw attention, and price drops are less common. Even with national supply rising, local constraints keep these areas firm.

These regional differences shape the right approach. The US housing market is not moving in lockstep. Local trends, not only national headlines, set the tone for expectations.

Quick View of Regional Trends

Region	Inventory vs. Pre-2020	Time on Market	Price Trend	Notable Detail
West	Above pre-2020	Longer	Downward pressure	Inventory up over 38%
South	Above pre-2020	Longer	Downward pressure	Inventory up nearly 30%
Northeast	Tight	Shorter/steady	Modest growth	Limited supply persists
Midwest	Tight	Shorter/steady	Modest growth	Limited supply persists

Seller Strategies in a Changing Environment

When the market shifts, sellers change course. In June, two moves stood out. More price cuts, and a rise in de-listings.

Increasing Price Cuts

More than one in five listings saw a price reduction in June. That is the highest share in years. The trend is strongest in the South and West, where inventory levels give buyers more choice. When there are more comparable homes, pricing has to meet the moment. That can mean smaller initial list prices, faster adjustments, or both.

This does not mean sellers are losing ground across the board. It means pricing is becoming more sensitive to local supply and demand. A home that might have sold in a weekend in 2021 may now need a few weeks, a small cut, and better presentation.

The Rise of De-listings

There is another move in play. Some sellers are choosing not to negotiate at all. De-listings are up 35% year to date, and up 47% compared to last May. That signals a different stance. Instead of chasing the market down, these homeowners pause. They keep their equity and try again when conditions improve.

Seller choices today often follow this path:

List at a target price based on recent comps.
Cut the price if activity lags and feedback points to a mismatch.
Delist and wait if the right offer does not materialize.

This is not stubbornness. Many owners have low mortgage rates and sizable equity. They can afford to be patient. That patience helps curb the number of sales and can keep some support under prices, even as inventory rises.

Steady Prices and Seller Flexibility

The national median list price held flat at around $440,950, up only slightly from last year. That steadiness sits next to the rise in price cuts and de-listings. How can both be true? In many cases, sellers are starting near peak-era expectations, then adjusting if the market pushes back. Others choose to step aside rather than accept a price they do not like.

Sellers also still hold a powerful card, the ability to wait. In a market where time on market is rising but not spiking, the decision to cut, hold, or pause can shape outcomes as much as initial pricing. Equity cushions that decision. The result is a push and pull that slows sales without triggering sharp national price drops.

National Stats at a Glance

To ground the story, here are the key June signals that shaped this shift:

20th straight month of growing inventory across major regions.
Homes take about 5 more days to sell than last year.
Total homes for sale topped 1 million for the second month, now above 2020 levels.
West inventory up 38%, South up nearly 30%.
More than one in five listings saw a price cut in June.
Delistings up 35% year to date, and up 47% year over year in May.
National median list price around $440,950, only slightly higher than last year.

These points paint a market that is easing for buyers, while giving sellers room to decide how and when to engage.

What This Means for Buyers and Sellers

Buyers benefit from more choice, slower pacing, and more frequent price adjustments. That opens the door to clearer comparisons and a smoother buying process. In many local markets, you can weigh trade-offs without rushing into risky terms.

Sellers face a more complex decision set. Price too high and risk a slow response. Cut too quickly and leave money on the table. Hold firm and you may need to exercise the option to de-list. Local supply and demand are setting the tone more than any single national number. If you track nearby comps and the flow of new listings, you will see the shift as it occurs.

Why Local Conditions Outweigh National Headlines

National data tells you whether the wind is at your back. Local data tells you where to steer. In June, the national wind favored buyers. Still, the South and West behave differently from the Northeast and Midwest. Even within a metro, a starter home near transit moves differently than a luxury property in a distant suburb.

A few examples help show the point:

A mid-priced home in Phoenix may sit longer, with a higher chance of a small price cut, due to rising supply.
A well-kept colonial in a tight Boston suburb may attract multiple offers if inventory remains thin.
A new build in a fast-growing Texas city could face competition from other new builds, which shifts how builders price and offer incentives.

Same month, same country, very different playbooks. That is why local listings, days on market, and price reductions in your area carry more weight than national averages.

The Psychology Behind Today’s Market

Markets are numbers, but they are also people making trade-offs. June revealed how buyers and sellers think in a changing environment.

Buyers: More choice reduces fear of missing out. With extra time, buyers can re-check comps, watch for price cuts, and avoid risky terms. That reduces stress and improves decision quality.
Sellers: Equity and low mortgage rates support patience. If feedback suggests the list price is too high, some will test a small reduction. Others will step back and try again later. This behavior keeps prices from falling quickly, even as inventory grows.
Both sides: When time on market rises, expectations adjust. Negotiations tilt more toward data, less toward urgency. That makes outcomes more predictable, which is healthy for the long run.

Looking Ahead: What to Watch Next

The current setup points to a summer and fall marked by more supply and a cooler pace, yet still supported by seller patience. Watch these signals to track momentum:

New listings and total active inventory, especially in the South and West.
Share of listings with price cuts, by your local area.
Days on market trends at the neighborhood level.
The rate of de-listings, which can dampen the effect of rising supply.
Movement in the national median list price relative to last year.

Each of these helps answer the same core question. Are buyers gaining ground, or are sellers holding the line?

Conclusion

June showed a market in transition, with more inventory, longer selling times, and sellers rethinking their approach. Buyers gain room to compare and choose. Sellers retain the option to wait, backed by equity and low rates. Local signals guide the best path forward, since conditions vary widely by region. Thanks for reading, and keep an eye on the next batch of data to see whether this cooler pace holds or shifts again.