US housing market activity is rapidly slowing down: In July, the typical home sat on the market for 43 days, the slowest July pace in 10 years. By comparison, it was just 16 days in July 2021. Additionally, pending home sales fell -1.1% MoM, to their lowest since November 2023. Despite this, prices are still rising, with the median home sales price up +1.4% YoY, to a record July high of 443,867. Many homeowners are choosing to rent or delay selling rather than accept lower offers, further limiting supply. The housing market is stalling.(The Kobeissi Letter)