| Metric | Jul-26 | Jul-25 | Jun-26 | YoY % Change | MoM % Change |
|---|---|---|---|---|---|
| Active Listings excluding UCB/CCBS | 24,049 | 24,091 | 24,566 | -0.2% | -2.1% |
| Active Listings including UCB/CCBS | 26,992 | 27,115 | 28,040 | -0.5% | -3.7% |
| Pending Listings | 4,203 | 4,345 | 4,670 | -3.3% | -10.0% |
| Listings Under Contract | 7,146 | 7,369 | 8,144 | -3.0% | -12.3% |
| Closed Listings for the Month | 6,417 | 6,214 | 7,268 | 3.3% | -11.7% |
| Average Price per Square Foot for the Last Month | $296.14 | $284.97 | $302.73 | 3.9% | -2.2% |
| Median Sales Price for the Last Month | $452,000 | $441,995 | $454,990 | 2.3% | -0.7% |
| Listing Success Rate | 59.5% | 62.9% | 69.9% | -5.4% | -14.9% |
| Contract Ratio | 29.71 | 30.59 | 33.15 | -2.9% | -10.4% |
| Closed % List | 97.34% | 97.26% | 97.27% | 0.1% | 0.1% |
| Days Inventory | 127.1 | 136.0 | 132.4 | -6.5% | -4.0% |
| Annual Sales Rate | 77,493 | 72,767 | 77,290 | 6.5% | 0.3% |
| Monthly Dollar Volume | $3,910M | $3,556M | $4,554M | 9.9% | -14.1% |
| Working Days | 22 | 22 | 21 | 0.0% | 4.8% |
The market in early August presents a more mixed picture than we saw a month ago. Compared with July 2025, the completed numbers still look good — closed listings, average $/SF, median sales price, the annual sales rate and monthly dollar volume are all higher. But the forward-looking measures have turned: listings under contract, pending listings and the contract ratio are all below where they stood a year ago. That is a change from last month, when every metric on this table compared favorably with a year earlier, and it deserves attention.
Supply continues to drift lower. Active listings excluding UCB and CCBS fell 2.1% over the month to 24,049 and are now marginally below the count of a year ago, while the measure including UCB and CCBS declined more steeply at 3.7%. Days of inventory eased to 127.1, down from 132.4 a month ago and 136.0 this time last year. The seasonal pattern is familiar: sellers who have not found a buyer through the hottest part of the summer tend to withdraw and wait for cooler weather and more active buyers in the fall. This effect is most significant in the luxury segment and in 55+ communities. The regular market in the low and lower mid-range is seeing a rise in inventory since last month. The fall in the listing success rate, from 69.9% to 59.5%, tells a negative story — a far larger share of sellers left the market during July without a sale.
Demand weakened over the month by rather more than the headline suggests. Closed listings fell 11.7% from June to July, but July had 22 working days against June’s 21. Adjusting for that, closings per working day were down closer to 16%. The comparison with July 2025 is cleaner, since both months had 22 working days, and on that basis closings are up 3.3%. The annual comparison therefore remains positive even though momentum through the summer has clearly slowed.
Pricing is holding up better than transaction counts. The average price per square foot slipped 2.2% over the month but remains 3.9% above July 2025, and the median sales price is down just 0.7% for the month while staying 2.3% higher than a year ago. Sellers are still achieving 97.34% of list price, fractionally better than both last month and last year, which suggests those who do transact are negotiating from a reasonable position. The overall picture is a market that is quiet and seasonally subdued rather than one under stress — but the weakness in pending and under-contract counts means we should not assume a strong autumn recovery. We anticipate prices getting weaker over the next 6 to 8 weeks, but a rebound is likely once the luxury market makes a bigger contribution to the mix from October onwards.