We are officially past the halfway point of 2026, and if you have been watching this market as closely as I have, you already know it has not behaved the way anyone predicted back in January. I keep hearing the same two things from people. Either "the market is finally slowing down," or "it's still just as crazy as ever." Here's the truth: they are both a little bit right, and that is exactly why this market is so easy to misread.

Here's what I keep having to correct. Inventory is up 5.6% from a year ago, and I know that sounds like buyers finally have room to breathe. They do, but only for some homes. Sellers are still pulling in 96.3% of their original asking price on average, and pending sales are up 8.7% year over year, so demand has not gone anywhere. What has changed is that buyers are no longer forgiving. The homes that are priced right and move-in ready are still getting snapped up. The ones that are not are the ones sitting on the market for months, dragging up those days-on-market numbers.

So no, this is not a softer market. It is a slower one, and slower is not the same thing as easier. If you are selling, day one pricing matters more than it has in years. If you are buying, do not let "more inventory" trick you into believing the good ones will wait around for you.