| Metric | Jun. 2025 | Change over May 2025 (MoM) |
Change over Jun. 2024 (YoY) |
Change over Jun. 2019 |
| Median listing price | $440,950 | +0.2 % | +0.1 % | +37.8 % |
| Active listings | 1,085,520 | +4.8 % | +28.9 % | -11.3 % |
| New listings | 452,414 | -2.7 % | +6.2 % | -18.7 % |
| Median days on market | 53 | +2 days | +5 days | 0 (no change) |
| Share of active listings with price reductions |
20.7 % | +1.6 percentage points |
+2.3 percentage points |
+3.7 percentage points |
| Median List Price Per Sq.Ft. |
$233 | -0.4 % | +0.7 % | +52.9 % |
Even with more homeowners withdrawing their listings, buyers still have more homes to choose from since the pandemic began. Nationally, active listings topped 1 million for the second straight month, putting inventory about 13% below pre-pandemic norms, but steadily closing that gap.
Inventory grew in all four major U.S. regions in June, with the West seeing a 38% jump and the South up nearly 30%. Every one of the top 50 metros posted active inventory gains year over year, led by Las Vegas (+77.6%) and Washington, D.C. (+63.6%). More homes staying on the market longer is also contributing to this buildup, as median days on market increased to 53 days—five days longer than a year ago and matching pre-pandemic patterns.
Facing stiffer competition and affordability-challenged buyers, more sellers are adjusting their expectations, but cautiously. In June, 20.7% of listings saw price reductions, the highest share for any June since at least 2016 and the sixth consecutive month of growing price cuts.
Still, even with more markdowns, the national median list price held steady at $440,950, up just 0.1% from last year, underscoring that many sellers are still anchored to peak-era prices. The willingness to wait, either by holding out for the right buyer or pulling the home off the market entirely, has helped slow broader price declines.
While the number of homes for sale rose substantially, marking the 20th straight month of inventory growth, more homeowners are also opting to delist. Delistings outpaced overall inventory gains, jumping 35% year-to-date and 47% year-over-year in May, compared to active listing growth of 28.4% year-to-date and 31.5% year-over-year. As a result, delistings now make up a growing share of the market, climbing from about 3.2% of all active listings last May to 4.1% this year.
These stats highlight an important market dynamic happening; inventory is up by a lot overall, but delistings are growing faster than overall inventory growth, so more homes are listing and staying on the market, but more homes are coming off as delistings too.
Put simply: although buyers have more homes to choose from overall, a growing slice of sellers have tested the market and would prefer to sit on the sidelines rather than reduce their price. The ratio of delistings to new listings reached 13% this spring (covering March-May), meaning roughly 13 homes were pulled for every 100 newly listed, well above the rations seen over the past three spring markets, spring 2024: 10%, spring 2023 10%, and spring 2022: 6%.
In hot spots like Phoenix, Miami, and Riverside, Calif., sellers are especially likely to take listings off the market if the right buyer doesn’t materialize, signaling a pocket of supply that may return later at similar price points.
“We’re seeing hesitation on both sides of the market,” said Anthony Djon, founder of Anthony Djon Luxury Real Estate. “Inventory is rising, giving buyers more options and making them more price-sensitive and selective. At the same time, some sellers—especially those not getting immediate traction—are stepping back. The market has clearly shifted from the urgency and intensity of recent years, and today’s homeowners are having to recalibrate their expectations.”
