| Metric | Jul-26 | Jul-25 | Jun-26 | YoY % Change | MoM % Change |
|---|---|---|---|---|---|
| Active Listings excluding UCB/CCBS | 24,566 | 25,683 | 25,488 | -4.3% | -3.6% |
| Active Listings including UCB/CCBS | 28,040 | 28,862 | 29,220 | -2.8% | -4.0% |
| Pending Listings | 4,670 | 4,523 | 4,800 | 3.3% | -2.7% |
| Listings Under Contract | 8,144 | 7,702 | 8,532 | 5.7% | -4.5% |
| Closed Listings for the Month | 7,257 | 6,647 | 7,549 | 9.2% | -3.9% |
| Average Price per Square Foot for the Last Month | $302.56 | $293.25 | $300.56 | 3.2% | 0.7% |
| Median Sales Price for the Last Month | $454,990 | $450,000 | $455,000 | 1.1% | -0.0% |
| Listing Success Rate | 69.9% | 66.4% | 71.4% | 5.2% | -2.2% |
| Contract Ratio | 33.15 | 29.99 | 33.47 | 10.5% | -1.0% |
| Closed % List | 97.27% | 97.09% | 97.13% | 0.2% | 0.2% |
| Days Inventory | 132.5 | 145.0 | 139.2 | -8.6% | -4.8% |
| Annual Sales Rate | 77,252 | 72,650 | 76,642 | 6.3% | 0.8% |
| Monthly Dollar Volume | $4,540M | $3,945M | $4,658M | 15.1% | -2.5% |
| Working Days | 21 | 20 | 20 | 5% | 5% |
The market situation in early July is clearly better than it was in July 2025 across all the above metrics, but is more mixed when comparing with last month (June). On the positive side, we have a slightly higher % of list achieved than a month ago, and inventory and supply measures are lower (a good thing for sellers). The annual sales rate also continues its slow recovery, and pricing looks slightly stronger when measured by average $/SF, though it flatlines when measured by the median sales price.
Supply is dropping slowly, and we now have fewer active listings than last month and this time last year. This helps sellers because they have less competition. Supply has dropped by a larger percentage at higher price points, as some luxury home sellers don’t show their homes during the hottest months of the year and wait until late September to relist.
Demand has fallen since last month, in line with normal seasonal patterns, but it remains better than at this time last year. Closed listings are up more than 9% year-over-year, but we can attribute 5% of that to June 2026 having an extra working day. Still a good result though under difficult circumstances.
Overall, the market is well-behaved and stable, in better shape than last year but still unexciting compared with what most market participants would like to see. There is no sign of significant price declines in nominal dollars, though inflation returning to over 4% means that, in real terms, homes have become significantly more affordable over the last several years.