Home price momentum is influenced by active listings and months of supply. A rise in active listings may indicate pricing weakness, while a decline suggests a heating market. The shift from sellers to buyers post-2022 indicates varied impacts across local markets. Areas with inventory above pre-pandemic levels saw weaker price growth, while those below experienced resilience. Active inventory is projected to approach pre-pandemic levels by mid-2025, with a significant rise in listings noted between 2024 and 2025, granting buyers more leverage in the market.
A rapid increase in active listings alongside longer days on the market can signal pricing softness, while a decrease may indicate a heating market.
Local housing markets with active inventory exceeding pre-pandemic levels have generally seen weaker home price growth over the last three years.
National active inventory is expected to reach pre-pandemic levels by the second half of 2025, indicating a shift in supply dynamics.
Active listings rose by 28.9% between June 2024 and June 2025, illustrating increased buyer leverage across many regions.
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