Promising news for home buyers
The double-edged sword of low affordability and low inventory has made house hunting a daunting task in recent times.
While the supply of for-sale homes still lags pre-pandemic totals, signals point to a recovery underway. The count of active listings spiked 26.2% annually in November to the highest level since December 2019, according to Realtor.com.
Some of the largest inventory gains came in high-demand cities and the share of listings with price reductions remains elevated.
Find your lowest rate. Start hereActive listings make huge leap in November
In a promising sign for prospective borrowers, active home listings surged 26.2% annually in November, according to Realtor.com’s Housing Report.
A typical day during the month yielded 953,452 for-sale listings and marked the 13th straight month — and 27th of the past 33 — with year-over-year inventory growth. The listing count fell below October’s 953,814 while overshadowing November 2023’s 754,846. Though active listings are trending upwards, they still lag 21.5% from 2017-2019 prepandemic levels.
“We find that high rates in November had led to the slowest market since January of this year and the slowest November in five years,” said Ralph McLaughlin, senior economist at Realtor.com.
Regionally, the South saw active listings grow most at a 30.8% annual rate. Then came the West at 29.2%, Midwest at 18.9% and Northeast at 9.7%.
Among the 50 largest U.S. housing markets, San Diego led the way with a year-over-year gain in active listing count of 52.5%. Jumps of 50.9% in Miami, 50.7% in Denver, 50% in Orlando, Fla., and 46.7% in Las Vegas, rounded out the top five.
Time to make a move? Let us find the right mortgage for youThe table below shows the metro areas with the 15 largest rises in listing count in November:
| Metro Area | Active Listing Count YoY | Median Listing Price | Median Listing Price YoY | Median Days on Market | Price– Reduced Share |
| San Diego | 52.5% | $970,000 | -2.5% | 46 | 16.9% |
| Miami | 50.9% | $525,000 | -11.8% | 74 | 16.7% |
| Denver | 50.7% | $593,900 | -5.0% | 59 | 23.7% |
| Orlando, Fla. | 50.0% | $425,000 | -5.0% | 73 | 20.6% |
| Las Vegas | 46.7% | $470,000 | 1.6% | 55 | 17.4% |
| Jacksonville, Fla. | 43.8% | $394,000 | -4.4% | 72 | 23.3% |
| Atlanta | 42.8% | $405,000 | -3.6% | 59 | 20.6% |
| Sacramento, Calif. | 39.4% | $615,000 | -2.7% | 51 | 17.0% |
| Charlotte, N.C. | 37.5% | $428,750 | 3.3% | 55 | 19.1% |
| Oklahoma City | 35.7% | $309,995 | -5.9% | 57 | 18.3% |
| Riverside, Calif. | 35.6% | $599,000 | 2.4% | 57 | 14.6% |
| Dallas | 34.7% | $428,000 | -3.8% | 58 | 23.3% |
| Los Angeles | 33.8% | $1,130,000 | -1.7% | 53 | 12.2% |
| Phoenix | 33.8% | $515,000 | -1.4% | 54 | 26.1% |
| Raleigh, N.C. | 33.5% | $449,900 | -0.4% | 57 | 17.5% |
On the other end of the spectrum, New York gained the least inventory, falling 1.1% from November 2023. After the Big Apple, active listings rose 4% in Hartford, Conn., 7.4% in Cleveland, 8.3% in Detroit, and 8.9% in Buffalo, N.Y.
The table below shows the full bottom 15:
| Metro Area | Active Listing Count YoY | Median Listing Price | Median Listing Price YoY | Median Days on Market | Price– Reduced Share |
| New York | -1.1% | $750,000 | 3.0% | 60 | 8.3% |
| Hartford, Conn. | 4.0% | $399,000 | 0.1% | 40 | 9.2% |
| Cleveland | 7.4% | $249,900 | 10.9% | 45 | 17.2% |
| Detroit | 8.3% | $260,000 | 5.3% | 44 | 15.3% |
| Buffalo, N.Y. | 8.9% | $249,945 | 0.0% | 47 | 9.4% |
| Chicago | 10.5% | $359,900 | 0.0% | 43 | 14.6% |
| St. Louis | 11.0% | $289,900 | 5.4% | 51 | 15.6% |
| Milwaukee | 11.3% | $365,000 | 6.6% | 37 | 17.5% |
| San Jose, Calif. | 11.8% | $1,350,000 | -0.2% | 39 | 8.9% |
| Philadelphia | 12.3% | $372,500 | 6.5% | 47 | 15.0% |
| Minneapolis | 12.5% | $420,000 | -0.1% | 46 | 16.4% |
| Boston | 13.0% | $819,900 | -0.6% | 45 | 15.1% |
| New Orleans, La. | 13.6% | $325,000 | -1.5% | 80 | 15.3% |
| Rochester, N.Y. | 13.8% | $267,450 | 11.7% | 49 | 5.7% |
| Kansas City, Mo. | 14.6% | $372,900 | -6.8% | 57 | 16.6% |
Additionally, the median time listings spent on the market grew to 62 days, up from 58 days in October and 51 days the year prior. The share of listings with price reductions fell to 16.7%, down monthly from 18.6% and annually from 18%.
The bottom line for home buyers
With affordability sidelining many would-be home buyers, more for-sale options could help lower prices for house hunters in 2025.
If you’re searching to purchase a home, it’s helpful to get your ducks in a row. Plus, you could save big money by learning strategies for mortgage rate negotiation and seeing what down payment and closing cost assistance you may qualify for.
Reach out to a local mortgage professional if you’re ready to begin your path to homeownership.
