Promising news for home buyers
The double-edged sword of low affordability and low inventory has made house hunting harder in recent years.
While the supply of for-sale homes still lags pre-pandemic totals, signals point to a recovery underway. The count of active listings spiked 28.9% annually in June, 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 June
In a promising sign for prospective borrowers, active home listings surged 28.9% annually in June, according to Realtor.com’s Housing Report.
A typical day during the month yielded 1.086 million for-sale listings, up from May’s 1.036 million and overshadowing June 2024’s 839,992. It also marked the 20th straight month of annual growth. Though active listings are trending upwards, they still lag “normal” prepandemic levels.
“This year’s market is a study in contrasts,” said Danielle Hale, chief economist at Realtor.com. “Buyers are seeing more choices than they’ve had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don’t get their number. Looking forward, this dynamic will affect whether we tip from a balanced to buyer’s market, and if so, how quickly that happens.”
Regionally, the West saw active listings grow most at a 38.3% annual rate. Then came the South at 29.4%, Midwest at 21.3% and Northeast at 17.6%.
Among the 50 largest U.S. housing markets, Las Vegas led the way with a 77.6% year-over-year gain in active listing count. Jumps of 63.6% in Washington, D.C., 56.4% in Raleigh, 55.3% in San Diego, and 53.6% in Charlotte, N.C., 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 annual rises in listing count in June:
| Metro Area | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Price-Reduced Share, YoY (Percentage Points) |
| Las Vegas | 77.6% | 7.3% | $479,988 | -1.0% | 8.5 |
| Washington, DC | 63.6% | 4.1% | $625,000 | -1.6% | 4.7 |
| Raleigh, NC | 56.4% | 11.9% | $462,473 | -1.6% | 5.7 |
| San Diego | 55.3% | 7.0% | $995,000 | -2.0% | 4.8 |
| Charlotte, NC | 53.6% | 11.1% | $454,500 | 3.3% | 5 |
| Tucson, AZ | 51.0% | 10.8% | $391,500 | -1.9% | 2.9 |
| Los Angeles | 49.9% | 7.9% | $1,182,500 | -1.4% | 4.8 |
| Sacramento, CA | 47.5% | 5.2% | $632,463 | -4.8% | 5.9 |
| Denver | 46.9% | 3.0% | $609,950 | -3.6% | 4 |
| Seattle | 45.9% | 5.3% | $799,250 | 1.4% | 4.8 |
| Phoenix | 44.2% | 5.7% | $520,000 | -3.0% | 5.1 |
| Riverside, CA | 43.5% | 0.2% | $599,995 | -1.6% | 4.3 |
| Baltimore | 42.6% | 5.1% | $399,999 | 7.0% | 2.5 |
| Columbus, OH | 40.0% | 11.2% | $390,000 | -2.5% | 3.8 |
| San Jose, CA | 39.0% | -3.1% | $1,398,944 | -3.5% | 5.7 |
On the other end of the spectrum, Milwaukee gained the least for-sale inventory, increasing 0.8% from June 2024. Buffalo and New York City came next, rising 8.1% and 9.7%, respectively, followed by 10.7% in Chicago and 12.3% in Minneapolis.
The table below shows the full bottom 15:
| Metro Area | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Price-Reduced Share, YoY (Percentage Points) |
| Milwaukee | 0.8% | 18.5% | $409,950 | 2.5% | 2.3 |
| Buffalo, NY | 8.1% | 5.5% | $299,900 | 3.8% | 0.3 |
| New York | 9.7% | 18.3% | $786,500 | 0.8% | 0.2 |
| Chicago | 10.7% | 0.1% | $379,900 | -3.8% | 1.7 |
| Minneapolis | 12.3% | 4.5% | $447,900 | -0.5% | 2.3 |
| Birmingham, AL | 13.5% | 0.2% | $309,900 | 3.30% | 1.5 |
| Hartford, CT | 17.3% | 9.3% | $463,900 | 3.1% | 1.8 |
| Richmond, VA | 17.3% | 11.6% | $456,226 | -1.7% | 3.2 |
| Grand Rapids, MI | 17.4% | 5.4% | $424,950 | 3.7% | 1.9 |
| San Antonio | 18.3% | -9.5% | $340,275 | -2.2% | 0.6 |
| St. Louis | 18.8% | 9.0% | $299,950 | -3.2% | 3.5 |
| Pittsburgh | 19.7% | 5.7% | $255,050 | 0.0% | 2.5 |
| Philadelphia | 20.0% | 0.5% | $387,450 | -1.9% | 1.9 |
| Austin, TX | 20.1% | 1.1% | $524,950 | -4.5% | 1.5 |
| Memphis, TN | 21.1% | 1.2% | $347,200 | 0.7% | 0.8 |
Additionally, the median time listings spent on the market reached 53 days, up from 51 days in May and 48 days the year prior. The share of listings with price reductions hit 20.7%, up monthly from 19.1% and annually from 18.3%. It’s the largest share of price reductions for a June since at least 2016.
The median listing price went to $440,950 in June, rising 0.2% from both May and June 2024. Notably, it marks a 37.8% five-year growth rate from June 2019.
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.
