U S Housing Supply Grows Again, But Market Shows Signs of Slowing
Housing supply continued to grow in October, giving buyers more options for the second full year in a row. According to Realtor.com, active listings rose 15.3% from last year and remained above one million for the sixth straight month. But while inventory is improving, the momentum seen earlier in the year is slowing, and the market is still more than 13% below pre-pandemic supply levels. All four major regions posted gains, with the West and South up 17%, the Midwest up 12%, and the Northeast up 9%. Even the nation’s 50 largest metro areas saw year-over-year increases, with Washington, DC, Charlotte, and Las Vegas leading due to a mix of more sellers entering the market and buyer demand weakening.
Despite the extra inventory, buyers are moving cautiously. Homes are taking longer to sell, sitting an average of 63 days on the market — five days longer than a year ago and marking 19 consecutive months of slower sales. Pending home sales dipped 1.9% year-over-year, and while new listings were slightly higher than last year, they still fell month-to-month in line with seasonal patterns. This shows that supply is rising not because of a wave of new demand, but because buyers are pulling back and waiting for better clarity on rates and economic conditions.
Prices remained mostly stable nationwide, with the average list price at $424,200, up only 0.4% from last year. Regional differences stood out: prices fell in the South and West, held steady in the Northeast, and rose slightly in the Midwest. Price cuts remain common, especially in markets where inventory has surged, such as Denver and Portland. Meanwhile, markets like Hartford and Chicago remain far below historical inventory levels, highlighting how uneven the recovery still is across the country.
This month’s data also reflects the impact of the ongoing federal shutdown. Cities with large federal workforces — such as Washington, DC, Virginia Beach, Oklahoma City, and Baltimore — are seeing fewer new listings and reduced buyer activity as families delay decisions over job security and missed paychecks. With buyers still cautious and inventory gains slowing, the housing market appears to be settling into a more balanced but slower phase. Conditions are improving, but at a gradual pace that signals a market stabilizing rather than accelerating.
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