The national market is cooling overall, but the pace and severity of the slowdown varies widely across regions, according to the latest Realtor.com July Housing Trends Report . The South and West are shifting decisively in favor of buyers, with rising inventory, deeper price cuts, and longer time on market. In contrast, conditions in the Northeast and Midwest remain much tighter. Nationally, active listings rose for the 21st straight month, homes took seven days longer to sell than last year, and 33 of the 50 largest metros posted year-over-year price declines—including Austin (-4.9%), Miami (-4.7%), and Chicago (-4.4%) and more than one in five sellers cut their asking price. That said, are home prices dropping? It depends on where you live.

“The housing market has cooled modestly

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