Home prices are falling at the fastest summer pace in nine years, according to a recent report from Realtor.com. In June, the national median asking price fell by 2.5% from one year ago to $430,000. This marks the eighth consecutive month of decreases and the steepest annual decline dating back to 2017.

A drop in prices is helping boost sales

Improved affordability is improving home sales. In June, for the first time in more than two years, the time it took the typical home to sell remained flat year-over-year. In June, it took 53 days for the typical home to sell. Additionally, pending-home sales rose by 3.7% year-over-year, increasing for the seventh straight month.

Active inventory also grew in June

Active inventory reached more than 1.1 million listings in June, which is up from 1.9% one year ago. However, some regions saw inventory grow even further. In the Northeast, active inventory was up by 8.5% annually, and in the Midwest, active inventory grew by 7.3%. Meanwhile, the West saw inventory tick up just 0.3%, and in the South, it declined by 0.1%.