Inventory Continues to Grow as Seasonal Slowdown Hits New Listings and Home Sales
November brought the expected seasonal cooling to the U.S. housing market, with fewer new listings and home sales compared to October as inventory levels remained elevated. Although the supply of homes declined 5.5% from October, it was still 14.5% higher than a year ago, marking the 23rd consecutive month of year-over-year inventory increases, a streak that dates to January 2024.
Across the 51 metro areas surveyed, new listings dropped 30.7% month over month, marking the largest decline among key metrics. Year-over-year, new listings fell 8.3%.
Buyers closed on 18.5% fewer home sales from October to November and 4.7% less than in November 2024, reflecting typical seasonal patterns.
November’s Median Sales Price of $438,000 posted a 1.7% year-over-year gain, continuing a 29-month growth streak that began in July 2023. Prices eased 1.5% from October.
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