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The implementation of residential demand response has been a serious challenge for power system operators. The advent of smart grids has provided required communication infrastructures to exchange online signals with smart homes. In this paper, a new model for residential demand response is presented. The model divides the household loads in three categories as uncontrollable, controllable with thermostat, and controllable without thermostats. The proposed demand response model is a mixed real-time pricing (RTP) and incentive-based program capable of reflecting hourly prices while motivating residents to participate in the requested demand side management scheme. The proposed model was validated for a residential complex including 50 smart homes using GAMS software. Results verify the efficiency of the model to shed the peak load and shift the starting time of home appliances appropriately. A sensitivity analysis was conducted to investigate the impact of welfare violation cost and incentive rate on numerical results as well.