The national housing market is currently experiencing a dynamic shift, characterized by a blend of rising prices and declining sales activity. The Median Sales Price has reached $438,488.19, marking a 3.3% increase year-over-year (YoY). This upward trend is mirrored in the Median List Price, which stands at $450,102.92, reflecting a 4.9% YoY increase. These figures indicate a robust appreciation in property values, despite a challenging sales environment.

In terms of Price Per Square Foot, the median price is $239.63, up by 3.2% YoY, while the Median List Price per square foot is $249.08, showing a 4.9% YoY increase. These metrics suggest that while buyers are paying more per unit area, sellers are also adjusting their expectations upwards, aligning with the overall market appreciation.

However, the volume of Homes Sold has decreased to 425,331.82, representing a 1.9% decline YoY. Pending Sales have also dropped significantly by 6.2% YoY, totaling 463,054.24. This decline in sales activity is further compounded by a 5.0% reduction in New Listings, which now stand at 532,036.73. Despite these declines, inventory levels have risen by 9.0% YoY, reaching 1,258,857.34, indicating a potential shift towards a buyer's market.

The Months of Supply, a critical indicator of market balance, has surged by 53.7% YoY to 3.06 months. This substantial increase suggests that homes are taking longer to sell, contributing to the rising inventory levels. Correspondingly, the Median Days on Market have increased by 6.0% YoY, now averaging 43.16 days, further highlighting the slowing pace of sales.

The average sale to list ratio has slightly decreased by 0.2% YoY to 99.0%, indicating that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has declined by 1.8% YoY to 28.5%, suggesting a moderation in competitive bidding scenarios. Additionally, Price Drops have increased by 4.1% YoY, now at 20.4%, reflecting sellers' adjustments to align with market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 3.7% YoY to 35.6%, indicating a slower turnover rate. This trend, coupled with the increased inventory and extended days on market, suggests that buyers may have more negotiating power in the current environment.