The number of homes actively for sale nationwide has grown by 36.6% for July 2024. Sellers have been encouraged to list 3.6% more homes compared to the same period last year, even though the median price of homes remained stable at $439,950.

July marked the ninth consecutive month when the supply of homes for sale increased. They spent on average 50 days on the market – the slowest rate since 2020 — giving would-be buyers five extra days of breathing room to think about making a final offer to purchase.

"The market cooled considerably as the housing market began to exit the peak buying season and expectations for mortgage rate reductions rose," according to the report. "While the median list price nationwide stayed the same as last year, homes continue to see a modest price increase on a per square foot basis."