Welcome to this weekly housing trends update, where we bring you the latest snapshot of inventory trends, listing activity, and buyer-seller dynamics across the U.S. housing market. In addition to our monthly housing trends reports, which offer deeper insights into long-term patterns, we publish these weekly updates to provide more timely views into market changes. This effort began in response to rapid shifts in the economy and housing landscape. You can count on a new Weekly Housing Trends update, fresh weekly data each Thursday, and a weekly video from our economists to help you stay informed.
What this week’s data shows
This week’s housing data looks much like weeks past, as the spring market continues to amble along. Inventory built slowly, holding at last week’s multiyear-low pace of growth, while homes are spending just one additional day on the market compared to last year. Listing prices declined year over year for the 19th straight week, the longest such streak in the data’s history. Notably, price reductions are also falling year over year, suggesting this softness reflects adjusting seller expectations rather than true market weakness. Sellers appear to be listing at more modest prices from the start, rather than listing high and cutting later.
For buyers, that’s encouraging news: More homes may be coming to market at realistic prices. That said, mortgage rates continued climbing last week, reaching 6.51%, which could take some steam out of an already-quiet spring market just as the traditionally busier summer season gets underway.
New listings, a measure of sellers putting homes up for sale, picked up 3.3% year over year
New listing activity remained above 100,000 homes this week, exceeding last year’s pace. The bumpy trajectory over recent weeks suggests homeowners are approaching this spring with caution, likely taking cues from broader market and economic conditions. Some sellers are reengaging as the summer market approaches, while others appear to be staying on the sidelines amid rate volatility and economic uncertainty.Â
Active inventory climbed 2.2% year over year
The number of homes for sale continues to exceed year-ago levels, though growth has moderated significantly, from nearly 10% gains at the start of the year to roughly 2% today. The slowdown likely reflects both sellers feeling hesitant to list and a modest uptick in buyer activity absorbing some available supply. Year to date, active inventory has averaged 5.9% above the same period last year.Â
Homes spent 1 day longer on the market than a year ago
Time on the market continues to run just one day behind last year’s pace, a gap that has been narrowing throughout the year. This suggests buyers are steadily absorbing available supply rather than letting it accumulate. Combined with modest inventory growth, the overall picture is of a market where demand is soft but active enough to keep both supply levels and time on the market from building meaningfully.Â
The median listing price fell 2.4% year over yearÂ
Asking prices have fallen or held flat for more than 30 consecutive weeks, with this week marking the 19th straight week of outright year-over-year declines. For a broader context, home prices have not risen more than 1% year over year since January 2024. The pace of decline picked up slightly this week but remained consistent with the trend seen throughout May. On a per-square-foot basis, median list prices were down 2.6%, the 38th consecutive week of year-over-year declines.Â
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