July 2026 Housing Market Update: What Homebuyers Need to Know
Market data in this article is provided by OneKey® MLS and reflects residential real estate activity across its service area, including Bronx, Dutchess, Manhattan (New York County), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan and Westchester counties. The report includes single-family homes, condominiums and co-ops.
The July housing numbers are in—and for prospective homebuyers, they tell an interesting story.
Homes are still selling, prices remain elevated and competition hasn’t disappeared. At the same time, different property types are experiencing noticeably different market conditions.
Here’s what buyers should know.
Home Prices Continued to Rise
Across all property types, the median sales price reached $745,000 in July 2026, up 6.4% from $700,000 in July 2025.
Single-family homes had a median sales price of $800,000, a 3.9% year-over-year increase. Condominiums reached $550,000, up 4.8%, while co-ops had a median price of $303,000, up 1.0%.
For buyers, this is an important reminder that waiting for prices to fall isn’t necessarily a strategy. Home prices can continue moving even while other parts of the market change.
More Homes Closed This July
Despite affordability challenges, buyers are still active.
There were 4,907 closed sales across all property types in July, a 5.3% increase from July 2025.
Single-family homes drove much of that activity, with 3,807 closed sales—up 7.8% year over year. Condo sales increased 1.9% to 591, while co-op closings declined 6.6% to 509.
In other words, elevated prices haven’t stopped transactions from happening.
Single-Family Homes Are Still Competitive
One of the most interesting numbers for buyers is how much sellers are receiving compared with their original asking price.
In July, single-family homes received an average of 102.1% of their original list price.
That means the average single-family home that sold closed for more than its original asking price.
Condos received 99.2% of original asking price, while co-ops received 97.1%.
For buyers, the takeaway is that your strategy may need to change depending on the type of property you’re considering. A single-family home attracting multiple buyers may require a very different approach than a condo or co-op with more negotiating room
How Quickly Are Homes Selling?
Single-family homes spent an average of 40 days on the market before an offer was accepted in July.
Condos averaged 48 days, while co-ops averaged 79 days.
These numbers can help buyers understand how quickly they may need to make decisions. A well-priced single-family home may not leave much time to begin figuring out financing after you’ve already found the property.
Getting pre-approved beforehand can put you in a stronger position to act when the right opportunity appears.
Inventory Tells a More Complicated Story
At the end of July, the OneKey MLS service area had:
11,014 single-family homes for sale
2,619 condos for sale
3,233 co-ops for sale
Compared with July 2025, single-family inventory actually declined 5.0%, while condo inventory increased 9.6% and co-op inventory increased 4.0%.
That helps explain why buyers may experience very different levels of competition depending on what they’re shopping for.
Is It a Buyer's or Seller's Market?
Another useful measurement is months supply of inventory, which compares available homes with the pace of pending sales.
In July, there was a 3.6-month supply of single-family homes, compared with 4.7 months for condos and 6.0 months for co-ops.
For buyers, the numbers suggest that the single-family market remains tighter than other property types. Buyers considering condos or co-ops may encounter a different balance between available inventory and demand.
Affordability Remains a Challenge
Perhaps the most important part of the report for today’s buyer is affordability.
OneKey’s Housing Affordability Index for single-family homes fell to 56 in July 2026, compared with 60 one year earlier.
OneKey explains that a higher index number represents greater affordability. The decline therefore indicates that purchasing the median-priced single-family home has become more challenging relative to household income and prevailing interest rates.
Condos recorded an affordability index of 84, while co-ops were considerably higher at 153.
For buyers struggling with the price of a traditional single-family home, understanding the financial differences between property types can be an important part of the home search.
What Does This Mean for Today's Homebuyer?
The July numbers don’t point to one universal experience.
Single-family buyers are facing the most competition. Prices are higher, inventory is tighter and homes that sell are receiving more than their original asking price on average.
Condo buyers are seeing more inventory. The number of condos available for sale increased nearly 10% compared with last July, potentially creating more options for buyers.
Co-ops offer a different affordability picture. They have a substantially lower median sales price and higher affordability index, while also spending longer on the market.
Most importantly, buyers shouldn’t base their decisions on headlines alone.
Real estate conditions vary by county, town, neighborhood, property type and price range. Understanding what you can comfortably afford—and being prepared before you begin making offers—can make navigating a competitive market much easier.
Thinking About Buying a Home?
Before you start touring properties, understanding your financing options, estimated monthly payment and comfortable purchase price can give you a clearer picture of where you stand.
A mortgage pre-approval can help you begin your home search with a budget in mind and be prepared to move when the right home comes along.
Source: OneKey® MLS Monthly Indicators, July 2026. Data as of August 7, 2026.
