A recent June housing market report found that 25.8% of listings received a price cut. Yet 30.3% of homes sold above list price in May, the latest month available for that measure.
The mixed results do not point to a nationwide buyer’s market. Buyers have gained negotiating room in some lower-priced segments and new-construction markets, while well-priced resale homes can still sell quickly and draw competing offers. Agents should base client guidance on local inventory, price tier, property type, and days on market.
Housing costs have eased only slightly
The modeled monthly mortgage payment on a typical US home was $1,884 in June, down 2.5% year over year. The calculation assumes a 20% down payment and excludes property taxes and homeowners insurance.
The typical home value rose 1.1% to $372,057. The average 30-year fixed mortgage rate was 6.49% for the week ending July 9, compared with 6.72% a year earlier.
A buyer’s total cost may also include mortgage insurance, association fees, maintenance, and higher insurance premiums. Agents should estimate the full monthly cost and refer qualification questions to a licensed lender.
NAR expects mortgage rates to average 6.5% in 2026. The organization also reported that the typical first-time buyer made a 10% down payment in 2025, countering the assumption that buyers need 20%.
Resale buyers still face competition
National for-sale inventory totaled 1.39 million homes in June, only 0.9% above the previous year. New listings increased 3% year over year.
Preliminary June sales were estimated to be 5.9% higher than a year earlier. The nowcast was subject to a mid-July revision.
Homes went pending in a median of 20 days, unchanged from June 2025. Conditions were softer at the bottom of the market: Inventory among the lowest-priced 5% of homes rose 12.2% year over year, while pending listings in that tier increased 10.3%.
Agents working with entry-level buyers should pull months of supply for the relevant price range instead of relying on a citywide figure. Buyers should also have financing and offer terms prepared before touring well-priced properties.
For sellers, the national figure can support a more structured price-reduction strategy, backed by local comparable sales, competing listings, and recent reductions.
New homes offer more negotiating room
New single-family homes represented a 10.3-month supply at May’s sales pace, up from 9.3 months in April. Builders had an estimated 496,000 homes available for sale at the end of the month.
New-home sales were running at a seasonally adjusted annual rate of 580,000. That was 7.3% below April and 6.8% below May 2025, although monthly estimates are volatile and subject to revision.
The median new-home price was $424,900, virtually unchanged from a year earlier. Elevated supply may give builders more room to offer rate buydowns, closing-cost credits, upgrades, or price adjustments, particularly on completed homes.
Programs vary by development and market. Before visiting a development, agents should confirm available incentives, compare builder financing with outside offers, and explain representation and registration requirements to the buyer.
Where agents may find negotiating room
Buyer leverage is most likely to appear among completed new homes, lower-priced segments with rising inventory, and listings that have already taken a price cut. Well-priced homes in competitive neighborhoods may still require faster decisions and stronger terms.
Before recommending an offer or list price, agents should review supply by price range, recent reductions, days on market, builder inventory, and the buyer’s full monthly cost. June’s national figures show more room to negotiate, but the strongest opportunities will still be found property by property.