New Report Shows Home Prices Dropping — RISMedia

Realtor.com’s July Monthly Housing Trends Report reflects a market that’s beginning to favor the buyer, where inventory is high and listing prices are dropping—but only in specific regions. 

On a national level, the median listing price for homes has increased 0.5% in the past year—a far cry from recent years. The number of active listings has increased 24.8%, and new listings have increased by 7.3%. 

Overall inventory levels have increased everywhere, rising 32.5% in the West, 25.4% in the South, 18.1% in the Midwest and 15.5% in the Northeast. The median price of listings year-over-year has dropped in every region but the Midwest, where it’s increased by 0.2%. 

This increased inventory, as well as slower demand, specifically in Western…