The median home-sale price in 14 of the 50 most populous US metro areas fell in the year to July 2025 according to a new report from Redfin.

Oakland, CA saw the biggest drop, with a 6.8% year-over-year decline, followed by two Florida metros and two Texas metros: West Palm Beach (-4.9%), Jacksonville (-3.1%), Austin (-2.9%) and Houston (-2.8%). 

James Gulden, a Redfin Premier agent in Boston, said: “Sellers need to start coming to terms with two things: One, homes are more often going to sit on the market for longer than a week or two before they sell, and two, buyers are gaining the upper hand.

“I advise my sellers to be realistic about the price they’re going to get based on the market research I provide, while also taking into account which direction the market is moving, especially if they want multiple offers. They have to reorient themselves to the fact that it may take several weeks, or more, before receiving an acceptable offer.”

Nationwide, the median sale price rose 2% year over year whilst the median asking price has dipped to its lowest level in five months and posted its smallest increase since February 2025.

Pending US home sales are down 1.4% from a year ago, while total inventory is up 8.9%.