Since June 2019, list prices are up 37.6% and price per square foot is up nearly 52.3%, but there are signs the housing market is slowing—at least in some areas.
In July 2025, the number of homes for sale grew 24.8% year-over-year, according to Realtor.com, and they remained on the market a week longer than the previous year. Price cuts were reported on more than 20% of active listings. Overall, prices rose just 0.5% since last year but fell in 33 of the nation’s 50 largest metros. Of these 50 metros, 13 exceeded their pre-pandemic housing supplies by 25% or more, including Denver, Austin, and San Antonio, while 17 metros remain 25% or more below their pre-pandemic inventories, including Hartford, Chicago, and Providence.
Mortgage interest rates more than doubled during the pandemic to above 7%, but they’ve been drifting downward. The combination of greater selection and lower mortgage rates could reignite the housing market again.
Be prepared with pre-approval from several lenders so you can act quickly when the right home appears. Have questions? Let our trusted and local partners at Southern First help guide you.
