Depending on the prism through which you view the US housing market, you may see major warning signs or a market that's trying to find its foundation. Since the immediate aftermath of the Covid pandemic—when residential home prices went through the roof—sales trends over the last several years have generally been a sideways-to-moderate decline. Existing home sales have been stagnant, while new housing starts have been under significant pressure lately. That's largely a result of overall homeownership becoming relatively more expensive due to higher interest rates, rising property taxes, and surging home maintenance costs. Meanwhile, Realtor.com data revealed that the national median home price listing has declined 7 straight months, capped most recently in May with the largest year-over-year decline in 9 years.
Source: Realtor.com, as of June 23, 2026.