A typical Bay County home listed for $510,000 in July, down 3.2% from the previous month's $527,000, an analysis of data from Realtor.com shows.

The median list home price in July was up about 28.4% from July 2021. Bay County's median home was 1,563 square feet for a listed price of $370 per square foot.

The Bay County market was busy, with a median 44 days on market. A month earlier, homes had a median 40 days on market. The market added 776 new home listings in July, compared with the 736 added in July 2021. The market ended the month with some 1,711 listings of homes for sale.

Bay County July home sales: Million-dollar listings: Here are the 5 most expensive homes sold in Bay County in July

The median home prices issued by Realtor.com may exclude much, or even most, of a market's homes. The price and volume represent only homes that are single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.

How does Bay County compare to the rest of Florida?

Across all of Florida, median home prices were $485,000, falling 2.7% from a month earlier. The median Florida home for sale had 1,740 square feet at list price of $277 per square foot.

Across the United States, median home prices were $449,024, down 0.2% from a month earlier. The median American home for sale had 1,890 square feet, listed at $227 per square foot.

The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database. The story was written by Mike Stucka and Sean Lahman.

This article originally appeared on The News Herald: Panama City-area homes for sale drop to $510,000 median price