Home prices have experienced their most significant year-over-year decrease in nearly a decade, with asking prices falling for eight consecutive months. The national median list price for a home is now $430,000, down from its 2022 peak. This decline in prices, coupled with seven months of rising pending sales, indicates a market recalibration. Sellers are now pricing homes more realistically from the outset, leading buyers to make offers. Pending sales have increased, and importantly, fewer of these sales are being canceled compared to the previous year. Homes are also moving off the market at a quicker pace, ending a long period of slowdown. The median time a home spends on the market is now consistent with last year. However, significant regional variations persist. While prices in the West have seen a substantial drop, the Midwest and Northeast have experienced price increases compared to four years ago. This divergence highlights a growing divide in the housing market, with affordability issues in some areas and supply constraints in others.