With the inventory of homes for sale across the U.S. still well below pre-pandemic levels, sales conditions in July remained slow but within seasonal norms, according to figures published Monday by Realtor.com.

On the inventory side, new listings declined more than 8% from June but were flat from a year ago. New listings were more than 17% lower than July 2019 levels.

Active listings were roughly 2% higher than a year ago but still more than 9% below July 2019, underscoring the persistent shortage of single-family homes. That limited supply continued to support a median list price of nearly $429,000, which is more than 34% higher than July 2019 levels.

The national median list price was 2.4% lower than last July, marking the ninth consecutive month of annual price declines, although regional divergence was still pronounced. List prices slid 3.9% in the West, 2.5% in the South and 1.4% in the Northeast, while rising 0.2% in the Midwest.

As buyer demand slowed in line with seasonal patterns, the portion of listings with price cuts rose to 20%, according to Realtor.com data, about 0.6 percentage points below last year’s levels. The share of listings with price cuts was over 21% in the West and South and almost 19% in the Midwest, but below 14% in the Northeast.

“Sellers are making more price adjustments as summer progresses, and buyers are responding more selectively, but homes are still going under contract at a faster pace than last year,” said Danielle Hale, chief economist at Realtor.com, in analysis accompanying the report.

Homes took one fewer day to sell in July compared to the same month a year ago, at the same time that contract signings notched their eighth consecutive month of annual increases. While the median 57 days on market in July was four days longer than June, last month marked the first year-over-year decline in more than two years.

An eighth consecutive month of annual growth in contract signings in July suggests this summer’s seasonal sales slowdown has not been out of the ordinary, said Jake Krimmel, a senior economist at Realtor.com quoted in the report. The days-on-market pace matched pre-pandemic norms for the month.

“But price cuts are moving closer to last year’s pace, so August will be important,” said Krimmel. “If cuts accelerate while pending sales weaken and sellers pull listings, that would be a more concerning combination.”

Pending sales rose 1.3% from a year ago, roughly one-third the 4.1% and 3.7% pace of growth notched in May and June.