United States Housing Market Update - August 2025
The U.S. housing market closed the summer with more homes for sale but weakening momentum. While inventory growth continued, buyer activity slowed and market balance varied widely by region.
Market Snapshot
- Active listings increased more than 20% year over year
- Inventory growth slowed compared to earlier months
- Pending sales declined from last year
- Homes stayed on the market longer
- Prices were flat nationally
Pricing and Value
National list prices remained near peak levels.
| Metric | Value |
|---|---|
| National Median List Price | $429,990 (0.0% YoY) |
| Month-over-Month Change | -2.2% |
| Price per Square Foot | +0.1% YoY |
Market Speed and Competition
Market pace continued to slow across most regions.
| Metric | Value |
|---|---|
| Median Days on Market | 60 days (+7 days YoY) |
| Markets with Slower Sales | Majority of top 50 metros |
Supply Snapshot
Inventory gains provided more options but remained below pre-pandemic norms.
| Metric | Value |
|---|---|
| Active Listings | +20.9% YoY |
| Total Active Listings | Over 1 million |
| Inventory vs. Pre-Pandemic | -14.3% |
Market Activity
Buyer activity softened despite higher inventory.
| Metric | Value |
|---|---|
| Pending Home Sales | -1.3% YoY |
| New Listings | +4.9% YoY |
| Price-Reduced Listings | 20.3% |
What This Means for Sellers
- Pricing flexibility is increasingly important
- Homes may require adjustments to attract buyers
- Regional conditions vary significantly
What This Means for Buyers
- Inventory growth offers more choices
- Negotiating leverage is improving in some markets
- Local conditions matter more than national averages
Deeper Market Data
The national market registered five months of supply, indicating a balanced market overall. Among the 50 largest metros, buyer, seller, and balanced conditions coexisted, reflecting uneven recovery patterns.
Ray’s Notes
[Add national perspective or strategic insights here]
Realtor.com, active listings, pricing, days on market, pending sales, months of supply, United States, August 2025.