The article discusses the importance of active listings in assessing home price momentum, indicating that an increase signals potential pricing weakness. Over the past 30 months, markets with inventory returning to pre-pandemic levels have shown softer price growth, while those with lower inventory have fared better. In 2025, national active listings are projected to rise significantly, with a current increase of 27.6% from the previous year, indicating a shift towards buyer leverage in many regions, but overall inventory remains below pre-pandemic levels.
When assessing home price momentum, it's important to monitor active listings and months of supply. An increase in active listings may indicate pricing weakness.
Local housing markets where active inventory has returned to pre-pandemic levels have experienced softer home price growth over the past 30 months.
As of February 2025, national active listings are up 27.6% from the previous year, giving homebuyers more leverage across many regions.
Despite an increase, national inventory levels remain 23.1% below pre-pandemic 2019 levels, indicating some markets still experiencing tight conditions.
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