In July, prices dropped year-over-year in 14 of the 50 most populous US cities — with Florida, California and Texas hit hard, reports Redfin. 

'Sellers need to come to terms with two things,' said Redfin agent James Gulden. 'Homes are going to sit longer, and buyers are gaining the upper hand.'  

Homes are now lingering for weeks or months — a stark contrast to the red-hot days of bidding wars and same-day offers. 

Sellers are being told to 'be realistic' and cut prices if they want to sell.

The good news is the lower prices combined with a new, slightly lower mortgage rate means buyers can finally make a move.