"When assessing home price momentum, believes it's important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate pricing softness or weakness. Conversely, a rapid decline in active listings beyond seasonality could suggest a market that is heating up. Since the national Pandemic Housing Boom fizzled out in 2022, the national power dynamic has slowly been shifting directionally from sellers to buyers."
"National active listings are on the rise on a year-over-year basis (+13% between November 2024 and November 2025). This indicates that homebuyers have gained some leverage in many parts of the country over the past year. Some sellers markets have turned into balanced markets, and more balanced markets have turned into buyers markets. Nationally, we're still below pre-pandemic 2019 inventory levels (-6% below November 2019) and some resale markets, in particular chunks of the Midwest and Northeast, still remain tight-ish."
Monitoring active listings and months of supply provides insight into home price momentum. Rapid increases in active listings and longer market time often indicate pricing softness or weakness. Rapid declines in active listings beyond normal seasonality often indicate a market that is heating up. The national power dynamic shifted directionally from sellers to buyers after the Pandemic Housing Boom ended in 2022, with regional variation. Markets with active inventory above pre-pandemic 2019 levels have generally seen softer price growth or declines over 36 months, while markets with inventory far below 2019 have seen more resilient price growth. National active listings rose 13% year-over-year between November 2024 and November 2025, yet remain 6% below November 2019; some Midwestern and Northeastern resale markets remain tight, and recent inventory growth has slowed as some sellers delisted in weak markets.
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