More Homes, Better Deals: Why This Summer Favors Buyers

If you've been thinking about buying a home over the past few years, you've likely faced two major challenges: rising home prices and a limited number of homes to choose from.

This summer, however, the market is beginning to shift. In many areas, asking prices are becoming more competitive, and inventory is growing, giving buyers more choices than they've had in years. Here's a closer look at what's changing—and what it could mean for your home search.

Sellers Are Adjusting Prices to Attract Buyers

According to Realtor.com, the national median asking price fell to $430,000 in June—nearly $11,000 lower than the same time last year (see graph below).

According to the same Realtor.com report, June marked the eighth consecutive month that the typical asking price came in below the previous year’s level.

While lower asking prices may sound concerning at first, they aren't a sign that the housing market is headed for a crash. It's important to remember that these are asking prices, not final sale prices. Instead, this trend reflects sellers adapting to today's market. With buyers becoming more price-conscious, many homeowners are setting more competitive asking prices to attract interest and generate offers. That's a healthy and expected adjustment as the market becomes more balanced. As Danielle Hale, Chief Economist at Realtor.com, explains:

“Today's sellers are pricing their homes more realistically from the outset instead of starting too high and reducing the price later. Buyers are responding positively to those competitive prices by submitting offers, signaling a healthier and more balanced housing market."

Home prices were never expected to rise indefinitely. Instead, asking prices are beginning to better reflect what today's buyers can realistically afford. That's a sign of a healthier, more balanced market—and of sellers adjusting their expectations to current conditions.

Housing Inventory Is Growing

If you've spent the past few years watching homes go under contract before you even had a chance to schedule a showing, there's good news.

The inventory shortage is beginning to ease. According to Realtor.com, June recorded the highest number of homes for sale for that month in the past three years, giving buyers more choices than they've seen in quite some time (see graph below).

That means you'll have more homes to choose from and, in many markets, face less competition when making an offer.

While housing inventory hasn't fully returned to pre-pandemic levels, it's moving in the right direction. Compared with the 2017–2019 market, there are still fewer homes available overall, but buyers have significantly more options than they've had in recent years. That improvement is making a real difference—and here's why it matters for your home search.

With more homes on the market, you no longer have to rush into an offer just to stay competitive. Instead, you have a better chance of finding a home that truly fits your needs—not simply the one that's still available. Increased inventory also gives buyers more negotiating power, putting you in a stronger position than many buyers were just a year ago.

Why This Is Great News for First-Time Buyers

These market trends are especially encouraging for first-time homebuyers searching in more affordable price ranges. With more inventory and more competitive pricing, entering the market is becoming a bit more attainable. As Mischa Fisher, Chief Economist at Zillow, explains:

“Homes in the lower-priced segments are beginning to see more modest price growth, while at the same time experiencing the biggest increase in new listings. It's the first time since 2022 that more affordable homes have seen inventory grow at this pace, giving first-time buyers more choices and improving their chances of finding a home.”

Whether you're buying your first home or planning your next move, today's market offers more homes to choose from and greater flexibility on price than buyers have seen in recent years.

Bottom Line

If rising prices and limited inventory have caused you to put your home search on hold, today's market may offer a fresh opportunity. With more homes available, more realistic asking prices, and improved negotiating power, buyers are finding better opportunities than they've seen in quite some time.

The best way to understand what's happening in your local market is to work with a trusted real estate agent who can help you identify the right opportunities and develop a strategy that fits your goals.

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