Prices of homes in expensive real estate markets declined across 14 metropolitan areas during July.
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The U.S. housing market is experiencing a slow and steady rebalancing, with rising inventory, modest price growth, and varying buyer leverage across metro areas, according to a recent report from Redfin.
Key points on home-sale price changes
The national median list price was approximately $439,450, up by only 0.5% year-over-year, remaining steady compared to 2023-2024 levels. The First American Home Price Index reported an annual price appreciation of +1.5% year-over-year, the slowest since 2012, and a monthly decline of -0.2% from June to July 2025 nationally. Price cuts were reported on about 20.6% of listings, slightly down from June, indicating some seller price adjustments but less frequent than earlier in 2025.
Regarding buyer leverage and inventory
Inventory increased 24.8% year-over-year, marking the 21st consecutive month of growth, with over 1 million active listings nationwide, a post-pandemic high but still about 13.4% below pre-pandemic levels. Homes are spending longer on the market (median 58 days, up 7 days from a year prior), giving buyers more time and potentially better negotiation power. Increased inventory means buyer leverage is rising nationally, transitioning some previously seller-favored markets into more balanced or buyer markets. However, growth in active listings is slowing recently, and some sellers are delisting homes, which may moderate buyer advantage moving forward.
Metro-area specifics for the four weeks ending July 27, 2025
| Metro Area | Inventory Change YoY | Price Change YoY | Median List Price | Buyer Leverage Notes | |-------------------------------|---------------------|------------------|---------------------|-------------------------------------------| | Atlanta-Sandy Springs-Roswell, GA | +30.5% | -1.2% | $419,945 | Inventory up sharply, price slightly down, gives buyers more leverage | | Austin-Round Rock-San Marcos, TX | +18.1% | +8.1% | $510,950 | Inventory up moderately, strong price growth, buyer leverage somewhat constrained | | Nevada (state level) | +52.9% | N/A | N/A | Biggest inventory rise nationally, driven by investor sellers, more buyer choice | | Maryland (state level) | +48.2% | N/A | N/A | Inventory climbing, cooler buyer demand, more balance | | North Carolina (state level) | Not specified | N/A | N/A | Popularity returning to balance, inventory rising, buyer leverage improving |
In summary, the U.S. housing market shows increasing inventory, slightly slower price growth, and more days on market, collectively improving buyer leverage in many metro areas, especially those with large inventory gains like Atlanta and Nevada. However, price dynamics differ by region, with some areas like Austin seeing stronger price growth despite inventory increases. The nationwide median home-sale price is just $700 below its all-time high. Other areas, such as Detroit, have experienced a 6.9% year-over-year price increase. The report underscores the ongoing shift in the housing market towards a more balanced landscape, benefiting both buyers and sellers in various ways.
- In the ongoing shift of the U.S. housing market, investors in Nevada might find more opportunities due to the significant increase in inventory, offering more buyer choice in the state's real-estate market.
- For those considering investing in the housing market, the slow and steady rebalancing, particularly in metro areas like Atlanta and Nevada with rising inventory, might present favorable conditions for potential buyers looking to leverage their finance against moderate price growth.
