US Macro Updates

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We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

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3rd Aug 2026

Realtor.com Housing Market Updates

Key takeaway: The Realtor.com® July 2026 Monthly Housing Trends Report, released August 3, painted a picture of a market settling into its expected summer slowdown — with sellers doing more of the heavy lifting to keep transactions moving. The national median list price was $428,950, essentially unchanged from June but down 2.4% year over year — the ninth consecutive month of annual declines — while the share of listings with a price reduction rose to 20.0%, just 0.6 percentage points below last July after running nearly two percentage points below year-ago levels throughout the spring. Active listings reached 1,126,252, up 2.1% year over year but still 11.6% below typical 2017–2019 pre-pandemic norms, with inventory gains concentrated in the Midwest (+9.3%) and Northeast (+8.3%), while list prices fell most sharply in the West (-3.9%) and South (-2.5%). Median days on market came in at 57 — up four days from June but down one day year over year, the first outright annual decline in 26 consecutive months, and matching the pre-pandemic 2019 July norm. Pending sales rose 1.3% year over year, extending their growth streak to eight months, though the pace has decelerated from 4.1% in May and 3.7% in June. Senior Economist Jake Krimmel was measured in his read, noting that homes are not sitting longer than a year ago and pending sales remain positive — consistent with a normal seasonal cooldown — but that price cuts are converging toward last year’s pace, making August a key test: an acceleration in cuts alongside weakening pending sales and seller pullbacks would be a more concerning combination.

Realtor.com Jul 2026 Housing Market Report

1st Jul 2026

Key takeaway: The Realtor.com Monthly Housing Market Update for June 2026, released on July 1, showed asking prices posting their steepest annual decline in nearly a decade even as buyer demand kept building. The median listing price fell 2.5% year-over-year to $430,000 — the eighth consecutive month of annual price declines and the sharpest drop since 2017 — while price per square foot slipped 2.1% to $228. Active inventory rose 1.9% year-over-year to 1,102,615 homes, though growth decelerated from May’s 2.2% pace and supply remains 11.3% below typical 2017-2019 levels, and new listings climbed 2.4% annually, led by a 12.6% jump in the Northeast. The more encouraging signal came from the demand side: pending sales rose 3.7% year-over-year, a seventh straight month of growth — the longest such streak since 2020-2021 — and median days on market held at 53 days, matching last year for the first time in 26 months. Price cuts ticked up to 18.8% of listings, still down from a year ago but above May’s 17.5%, hinting at an early seasonal slowdown. Regionally, the West (-4.0%) and South (-2.5%) led price declines, while the Midwest was flat and the Northeast dipped just 1.0%. Realtor.com chief economist Danielle Hale said falling prices and rising pending sales “are not a contradiction,” noting that sellers are pricing realistically from the outset rather than cutting later, a dynamic she called “a welcome sign that we are in a functioning market.” With price cuts creeping higher and new listings flattening, the market looks to be entering its usual summer cooldown, but easing prices alongside firming demand point to a housing sector gradually rebalancing rather than stalling.

Realtor.com Jun 2026 Housing Market Report

3rd Jun 2026

Key takeaway: The Realtor.com® May 2026 Monthly Housing Trends Report, released June 3, showed the spring market extending its resilient run despite elevated mortgage rates and ongoing geopolitical uncertainty. The national median list price fell 2.4% year over year to $429,500 — the steepest annual decline since Realtor.com® began tracking the metric in 2017 — while the price per square foot slipped 2.5% to $228, also a record annual drop. Critically, the share of active listings with a price cut declined to 17.5% from 19.1% a year earlier, signaling that sellers are adjusting expectations before listing rather than being forced to cut afterward. New listings hit 474,976 — the highest May total since 2022 — with gains concentrated in the Northeast (+8.6% YoY) and Midwest (+4.7%), while the South and West were roughly flat. Pending sales rose for a sixth consecutive month. Realtor.com Senior Economist Jake Krimmel noted that falling list prices alongside falling price cut shares is the opposite of a distressed market dynamic, pointing instead to sellers doing their pricing homework upfront. The key variables to watch heading into summer are whether cancellations and delistings — both running below 2025 levels so far — hold steady as mortgage rates and inflation remain elevated

Realtor.com May 2026 Housing Market Report

30th Apr 2026
Key takeaway: The Realtor.com® April 2026 Monthly Housing Trends Report, released April 30, showed the spring housing market holding its footing despite a turbulent backdrop of spiking gas prices, surging mortgage rates, and cratering consumer sentiment. Active listings climbed 4.6% year over year to 1,002,935 — crossing the 1 million threshold — though the pace of growth has decelerated sharply from last month’s 8.1% gain, and inventory remains 11.8% below typical 2017–2019 pre-pandemic levels. The more encouraging signal came from new listings, which rose 1.1% year over year and 8.7% month over month — with gains concentrated in the Northeast (+9.4%) and Midwest (+6.6%), the two regions most starved of supply, while the South edged up just 0.6% and the West slipped 3.5%. The national median list price fell 1.4% year over year to $425,000 — the sixth consecutive month of annual declines — and price per square foot dropped 2.4% to $227, with prices down in 35 of the 50 largest metro areas. Notably, the share of sellers cutting prices actually declined, a signal that sellers are entering the market with already-adjusted expectations rather than testing the market and retreating. “Compared to last year, 2026 has seen both fewer price cuts and lower median list prices,” said Realtor.com Senior Economist Jake Krimmel. “That combination suggests sellers have internalized the generally more buyer-friendly market conditions and are adjusting price expectations before listing rather than after.” The divergence between accelerating new listing growth and decelerating active inventory growth implies fresher inventory cycling through the market faster — whether that translates into a meaningful pickup in pending sales is the key variable to watch heading into May.

Realtor.com Apr 2026 Housing Market Report

1st Apr 2026
Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of upcoming economic performance. Mortgage rates had spiked substantially through most of 2023. Yields then pulled back in 2024 to only later spike back up again after the Fed initiated its rate cutting cycle. After peaking in early 2025, mortgage rates declined through the rest of 2025, but have since crept back up again as the Iran war drove energy prices and yields higher. Market activity showed genuine early-spring promise in March, with pending sales posting the third consecutive month of year-on-year gains and new listings jumping from February. However, with geopolitical uncertainty now overshadowing the market, the path to a meaningful spring sales rebound has narrowed considerably. Affordability has improved year-on-year, but remains stretched by historical standards.

– The national median list price fell 2.2% year-on-year to $415,450 in March — the fifth consecutive month of year-over-year price declines — with price per square foot also down a similar 2.5% to $225. Median asking prices were flat or falling in 35 of the top 50 markets. The persistent softness in asking prices reflects a market where inventory and time-on-market have been growing for over two years, gradually shifting negotiating power toward buyers. Despite this, the typical home spent 57 days on market in March, with sellers still mostly expecting to receive at or above asking price — though the share expecting to make concessions rose to 39% from 30% in 2025, signalling that seller expectations are gradually re-aligning with market realities.
– Demand showed encouraging signs heading into the spring selling season. Pending sales rose 3.9% year-on-year in March — the third consecutive month of annual gains — and new listings jumped 21.2% from February, suggesting both buyers and sellers were beginning to engage before the Iran conflict introduced fresh uncertainty. Mortgage rates climbed from around 5.98% at end-February to higher levels through March, which cut into the affordability gains that had built optimism early in the year. However, rates in March were still lower than the 6.65% prevailing in March 2025, meaning buyers are still in a better affordability position than they were a year ago, aided further by the year-on-year decline in median asking prices.
– The key concern heading into April, as Realtor.com chief economist Danielle Hale noted, is that geopolitical tensions could cause history to repeat itself — last spring, tariff-driven uncertainty in early April sidelined buyers and sellers and set up a subdued summer. With the Iran war now introducing similar disruption through energy price spikes and consumer confidence deterioration, the risk of a similar dynamic playing out in 2026 is real. Inventory and time-on-market have been growing for over two years and the affordability picture has genuinely improved versus a year ago — the structural conditions for a housing recovery are in place. Whether geopolitical headwinds allow that recovery to take hold remains the key question for the remainder of 2026.

Realtor.com Mar 2026 Housing Market Report

5th Mar 2026

Key takeaway: Realtor.com’s February 2026 Monthly Housing Report points to a housing market that is gradually becoming more buyer-friendly, but with momentum clearly softening. Active listings rose 7.9% year-on-year to roughly 915,000 homes, extending a multi-year inventory recovery, although the pace of that recovery has slowed for nine consecutive months and supply still remains about 16–17% below pre-pandemic norms. At the same time, prices are easing, with the median list price down 2.1% YoY to about $403k, and homes are taking longer to sell, with time on market increasing (by about four days YoY), reflecting cooler demand conditions. Overall, the report suggests the market is rebalancing: rising inventory and modest price declines are giving buyers more leverage, but the slowdown in inventory growth and still-elevated mortgage rates indicate that the recovery in housing activity is uneven and likely to remain gradual rather than robust.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 8-9 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Feb 2026 Housing Market Report

5th Feb 2026

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in January 2026 was at 912K. This was approx. 10% higher compared to January last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. However, pace of inventory increase has slowed down over the past few months, partly due to seasonal trends. Active listing growth has now slowed for the past 7 continuous months. Even with the rise in inventory over the past year or so, the current levels are also still about 100-150K below pre-pandemic averages. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 329K has also been steadily increasing. However, similar to active listings, it remains lower than pre-pandemic averages of around 350-400K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
Days on market – the time typically spent by a home on the market – was 78 days in January, 5 days more than last January. The number of days spent on the market by listings is now mostly at pre-pandemic levels or slightly lower. Though there exist significant regional differences
Median listing price at $399K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. The listings offering a price cut now stand at 14%mostly in line with pre-pandemic averages.

Realtor.com Jan 2026 Housing Market Report

8th Jan 2026

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in December 2025 was at 976K. This was approx. 12% higher compared to December last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. However, pace of inventory increase has slowed down over the past few months, partly due to seasonal trends. Active listing growth has now slowed for the past 6 continuous months. Even with the rise in inventory over the past year or so, the current levels are also still about 100-150K below pre-pandemic averages. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 233K has also been steadily increasing. However, similar to active listings, it remains lower than pre-pandemic averages of around 300-400K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was 0.1% higher over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 73 days in December, 4 days more than last November. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exist significant regional differences
Median listing price at $399K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. The listings offering a price cut now stand at 13%mostly in line with pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 6-7 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Dec 2025 Housing Market Report

8th Dec 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in November 2025 was at 1,072K. This was approx. 13% higher compared to November last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. However, pace of inventory increase has slowed down over the past few months. Active listing growth has now slowed for the past 6 continuous months. Even with the rise in inventory over the past year or so, the current levels are also still about 100-150K below pre-pandemic averages. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 328K has also been steadily increasing. However, similar to active listings, it remains lower than pre-pandemic averages of around 350-400K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was 1.0% lower over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. With the recent tariff related volatility, mortgage rates have surged again. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 64 days in November, 3 days more than last November. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exist significant regional differences
Median listing price at $415K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 18%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 4-5 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Nov 2025 Housing Market Report

31st Oct 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in October 2025 was at 1,100K. This was approx. 15% higher compared to October last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. However, pace of inventory increase has slowed down over the past few months. Active listing growth has now slowed for the past 5 continuous months. Even with the rise in inventory over the past year or so, the current levels are also still about 100-200K below pre-pandemic averages. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 384K has also been steadily increasing. However, similar to active listings, it remains lower than pre-pandemic averages of around 400-450K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was 1.9% lower over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. With the recent tariff related volatility, mortgage rates have surged again. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 63 days in October, 5 days more than last October. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exist significant regional differences
Median listing price at $424K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 20%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 4-5 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Oct 2025 Housing Market Report

2nd Oct 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in September 2025 was at 1,100K. This was approx. 17% higher compared to September last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. However, pace of inventory increase has slowed down over the past few months. The current levels are also still about 100-200K below pre-pandemic averages. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 394K has also been steadily increasing. However, the latest count for September 2025 is lower than last year (by approx. 1.2%). This is on account of an unusually high reading in September 2024. Also, similar to active listings, it remains lower than pre-pandemic averages of around 450-500K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was mostly unchanged over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. With the recent tariff related volatility, mortgage rates have surged again. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 62 days in September, 7 days more than last September. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exist significant regional differences
Median listing price at $425K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 20%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 3-4 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Sep 2025 Housing Market Report

8th Sep 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in August 2025 was at 1,098K. This was approx. 21% higher compared to August last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. Inventory and new listing continue to rise at a brisk pace. The current levels are still about 100-200K below pre-pandemic averages. But it is key to note that we are getting close to those levels fairly rapidly. Inventory is rising across the housing market, though the scale of inventory build up is higher in the new homes market. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 402K is higher on a y-o-y basis, approx. 5%. Once again, though it remains lower than pre-pandemic averages of around 450-500K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) decreased 1.3% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. With the recent tariff related volatility, mortgage rates have surged again. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 60 days in August, 7 days more than last August. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exists significant regional differences
Median listing price at $430K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 20%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experienced the shortest lived downturn in history in late 2022. Transactions started picking up back again from end 2022 into the first half of 2023. Home builder stocks shot up from their October 2022 lows. However, activity in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. While inventory is undoubtedly higher than a year back, over the past 3-4 months the pace of inventory growth has subsided. On the other hand, sellers are pulling listings off the market. There is also a lot of variance between the various regions with the West and South having inventory higher than pre-covid levels and the North East and Mid West still experiencing lower levels of inventory.

Realtor.com Aug 2025 Housing Market Report

31st Jul 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in July 2025 was at 1,102K. This was approx. 25% higher compared to July last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. Inventory and new listing continue to rise at a brisk pace. The current levels are about 100-200K below pre-pandemic averages. But it is key to note that we are getting close to those levels fairly rapidly. Inventory is rising across the housing market, though the scale of inventory build up is higher in the new homes market. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 434K is higher on a y-o-y basis, approx. 7%. Once again, though it remains lower than pre-pandemic averages of around 500-550K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) fell 3.0% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. With the recent tariff related volatility, mortgage rates have surged again. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 58 days in July, 7 days more than last July. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exists significant regional differences
Median listing price at $440K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 21%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. Lastly, the tariff related uncertainty throws a spanner in the works. Mortgages rates have spiked back up since early April. Lower rates is the cornerstone for a resurgence in the Residential market.

Realtor.com Jul 2025 Housing Market Report

5th Jun 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in May 2025 was at 1,030K. This was approx. 31% higher compared to May last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. Inventory and new listing continue to rise at a brisk pace. The current levels are about 100-200K below pre-pandemic averages. But it is key to note that we are getting close to those levels fairly rapidly. Inventory is rising across the housing market, though the scale of inventory build up is higher in the new homes market. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 465K is higher on a y-o-y basis, approx. 7%. Once again, though it remains lower than pre-pandemic averages of around 550-600K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) fell 2.5% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. Interest rates had moved higher in the first couple of months of the year. With the recent tariff related volatility, mortgage rates have surged again. It will be important to track movement in Pending Home Sales given this development. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 51 days in May, 6 days more than last March. The number of days spent on the market by listings is now mostly at pre-pandemic levels. Though there exists significant regional differences
Median listing price at $440K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 19%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. Lastly, the tariff related uncertainty throws a spanner in the works. Mortgages rates have spiked back up since early April. Lower rates is the cornerstone for a resurgence in the Residential market.

Realtor.com May 2025 Housing Market Report

1st May 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in April 2025 was at 959K. This was approx. 31% higher compared to April last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. While the current level still substantially below pre-pandemic levels (a range of 1,100K to 1,200K), it is very key to note that inventory levels and new listings continue to rise substantially. More houses on sale would mean lower sales prices and a housing market that comes more into balance. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count at 471K is higher on a y-o-y basis, approx. 9%. Once again, though it remains lower than pre-pandemic averages of around 550K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) fell 3.2% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. Interest rates had moved higher in the first couple of months of the year. With the recent tariff related volatility, mortgage rates have surged again. It will be important to track movement in Pending Home Sales given this development. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 50 days in April, 4 days more than last March.
Median listing price at $431K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 18%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. Lastly, the tariff related uncertainty throws a spanner in the works. Mortgages rates have spiked back up since early April. Lower rates is the cornerstone for a resurgence in the Residential market.

Realtor.com Apr 2025 Housing Market Report

3rd Apr 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in March 2025 was at 892K. This was approx. 28% higher compared to March last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. While the current level still substantially below pre-pandemic levels (a range of 1,100K to 1,200K), it is very key to note that inventory levels and new listings continue to rise substantially. More houses on sale would mean lower sales prices and a housing market that comes more into balance. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count is higher on a y-o-y basis, approx. 10%. Once again, though it remains lower than pre-pandemic averages of around 450K-500K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) fell 5.5% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. Interest rates had moved higher in the first couple of months of the year. With the recent tariff related volatility, mortgage rates have surged again. It will be important to track movement in Pending Home Sales given this development. Overall activity in the EHS market remains anaemic.
Days on market – the time typically spent by a home on the market – was 53 days in March, 3 days more than last March.
Median listing price at $425K, mostly unchanged compared to a year ago. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 17.5%, the share of inventory with price cuts is the highest in the recent 7-8 years, and notably higher than pre-pandemic averages.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. Lastly, the tariff related uncertainty throws a spanner in the works. Mortgages rates have spiked back up in early April. Lower rates is the cornerstone for a resurgence in the Residential market.

Realtor.com Mar 2025 Housing Market Report

27th Feb 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in February 2025 was at 845K. This was approx. 28% higher compared to February last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. While the current level still substantially below pre-pandemic levels (a range of 1,000K to 1,150K), it is very key to note that inventory levels and new listings continue to rise substantially. More houses on sale would mean lower sales prices and a housing market that comes more into balance. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
Similar to the active listing count, the new homes listing count is higher on a y-o-y basis, approx. 5%. Once again, though it remains lower than pre-pandemic averages of around 400K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was at 371K in February – up 1.1% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity once again declined to multi year lows. Interest rates have moved down over the past couple of weeks. It will be important to track movement in Pending Home Sales given this development.
Days on market – the time typically spent by a home on the market – was 66 days in February, 5 days more than last February.
Median listing price at $412K, which was about $12K higher than last month and 0.8% lower than last February. Even though Listing prices have not declined much, the share of listings that had their price reduced have also generally been increasing. At 16.8%, the share of inventory with price cuts is the highest in the recent 7-8 years.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market. Lastly, with the sharp decrease in treasury yields in February, mortgages rates have also come down. It is will key to watch if we see a surge of new mortgage applications.

Realtor.com Feb 2025 Housing Market Report

31st Jan 2025

Key takeaway: The US Housing Market is a key component of the overall US economy and often a leading indicator of the broader economy.

Active listing count in January 2025 was at 829K. This was approx. 25% higher compared to January last year. Active listings continue to rise as expected over the past year or so. More buyers and sellers are getting used to the new higher for longer rate environment and consequently higher mortgage rates and are hence coming back to the market. While the current level still substantially below pre-pandemic levels (a range of 1,000K to 1,150K), it is very key to note that inventory levels and new listings continue to rise substantially. More houses on sale would mean lower sales prices and a housing market that comes more into balance. The pace of house price appreciation has slowed down substantially in recent months although we are not yet seeing broad based, cross region declines in home prices.
New listings were at 327K in January. Similar to the active listing count, the new homes listing count is higher on a y-o-y basis, approx. 11%. Once again, though it remains lower than pre-pandemic averages of around 400K. New listings are expected to continue to rise adding to the for-sale inventory in the US.
The number of homes under contract (pending listings) was at 314K in January – up 1.8% over last year. Activity in the Existing Homes market had picked up a bit during the start of the 2024. But as mortgage rates rose in the 2nd half, activity declined to multi year lows. Over the past couple of months we have started seeing activity inch back in the existing homes market.
Days on market – the time typically spent by a home on the market – was 73 days in January, 5 days more than last January.
Median listing price at $400K, which was about $2K lower than last month and 2.2% lower than last January. Share of listings that had their price reduced have also generally been increasing.

The US Residential Market was widely expected to experience a significant downturn and prices were expected to fall. However 2023 turned out to be a completely different picture. As existing home owners refused to give up their lucrative low rate fixed mortgages, supply of existing homes fell. This drove buyers to the new homes market and real estate developers flourished. Thanks to this phenomenon, the US real estate industry experience the shortest lived downturn in history in late 2022. Transactions in both the existing home sales market and the new homes market dampened in the second half of 2023 as mortgage rates touched 8% levels. Mortgage activity and EHS picked up in 1H 2024 when mortgage rates fell on the back of lower treasury yields. However, treasury yields started spiking back up from September 2024 after the Fed initiated its rate cutting cycle. Mortgage rate spiked up again bringing down activity in the EHS once again. But now, Existing home sellers are seen to be more willing now to list homes as they get accustomed to the new normal of higher interest rates. Even though existing home sales have been muted for the past many months, the expectation is that with increasing inventory balance will return back to the residential market. Even though mortgage rates remain high, higher inventory and moderating prices might incentivize buyers back into the housing market.

Realtor.com Jan 2025 Housing Market Report

2nd Jan 2025