Promising news for home buyers
The double-edged sword of low affordability and low inventory has made house hunting harder 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 30.6% annually in April, 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 April
In a promising sign for prospective borrowers, active home listings surged 30.6% annually in April, according to Realtor.com’s Housing Report.
A typical day during the month yielded 959,251 for-sale listings and marked the 18th straight month — and 32nd of the past 38 — with year-over-year inventory growth. The listing count rose above March's 892,561 while overshadowing April 2024's 734,318. Though active listings are trending upwards, they still lag "normal" prepandemic levels.
"Even with today’s affordability hurdles, meaningful changes in the market could give buyers a better shot at finding a home," said Danielle Hale, chief economist at Realtor.com. "The number of homes for sale is rising in many markets, giving shoppers more choices than they’ve had in years. Sellers are becoming more flexible on pricing, underscored by the price reductions we’re seeing, and while higher mortgage rates are certainly weighing on demand, the silver lining is that the market is starting to rebalance. This could create opportunities for buyers who are prepared."
Regionally, the West saw active listings grow most at a 41.7% annual rate. Then came the South at 33.3%, Midwest at 18.7% and Northeast at 12.4%.
Among the 50 largest U.S. housing markets, San Diego led the way with a 70.1% year-over-year gain in active listing count. Jumps of 69.3% in Washington, D.C., 67.6% in San Jose, Calif., 65% in Denver, and 60.7% 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 April:
| Metro Area | Active Listing Count YoY | Median List Price | Median List Price YoY | Median List Price vs. April 2019 | Required Income to Afford Median-Priced Home | Median Days on Market | Price– Reduced Share |
| San Diego | 70.1% | $979,500 | -6.7% | 39.5% | $258,926 | 37 | 17.8% |
| Washington, DC | 69.3% | $622,983 | -0.6% | 28.1% | $164,682 | 25 | 13.8% |
| San Jose, Calif. | 67.6% | $1,399,947 | -4.6% | 24.2% | $370,069 | 24 | 12.0% |
| Denver | 65.0% | $599,450 | -4.1% | 14.5% | $158,462 | 36 | 27.2% |
| Las Vegas | 60.7% | $475,000 | 0.0% | 50.1% | $125,564 | 44 | 21.4% |
| Raleigh, N.C. | 58.2% | $451,245 | -0.5% | 22.0% | $119,284 | 43 | 20.1% |
| Tucson, Ariz. | 56.5% | $396,133 | -3.2% | 32.7% | $104,716 | 51 | 23.5% |
| Los Angeles | 54.6% | $1,195,000 | 0.3% | 49.7% | $315,892 | 44 | 14.3% |
| Charlotte, N.C. | 53.0% | $439,500 | 4.0% | 25.6% | $116,180 | 42 | 21.1% |
| Riverside, Calif. | 52.4% | $602,500 | 0.4% | 46.8% | $159,268 | 52 | 18.3% |
| Seattle | 50.1% | $782,225 | 0.9% | 24.7% | $206,777 | 30 | 14.4% |
| Sacramento, Calif. | 49.6% | $633,570 | -2.5% | 30.1% | $167,481 | 38 | 17.9% |
| Baltimore | 47.7% | $392,688 | 11.5% | 19.0% | $103,805 | 29 | 13.4% |
| Atlanta | 45.2% | $412,470 | -0.8% | 26.9% | $109,034 | 46 | 20.8% |
| Orlando, Fla. | 44.7% | $425,000 | -3.4% | 35.8% | $112,347 | 62 | 23.4% |
On the other end of the spectrum, Milwaukee gained the least for-sale inventory, rising 2.3% from April 2024. Buffalo and New York City came next, both with 3.2% increases in active listings, followed by 8.9% in Minneapolis, and 11.4% in Chicago.
The table below shows the full bottom 15:
| Metro Area | Active Listing Count YoY | Median List Price | Median List Price YoY | Median List Price vs. April 2019 | Required Income to Afford Median-Priced Home | Median Days on Market | Price– Reduced Share |
| Milwaukee | 2.3% | $385,000 | 2.3% | 26.5% | $101,773 | 30 | 8.7% |
| Buffalo, N.Y. | 3.2% | $280,000 | -1.7% | 31.8% | $74,017 | 35 | 6.5% |
| New York | 3.2% | $789,450 | 1.9% | 36.3% | $208,687 | 45 | 7.6% |
| Minneapolis | 8.9% | $447,400 | -0.5% | 20.4% | $118,268 | 33 | 10.6% |
| Chicago | 11.4% | $372,450 | -4.4% | 9.8% | $98,455 | 33 | 10.4% |
| Kansas City, Mo. | 11.8% | $399,450 | -5.3% | 23.9% | $105,593 | 47 | 12.6% |
| Hartford, Conn. | 15.2% | $453,675 | 6.8% | 49.7% | $119,927 | 30 | 6.7% |
| Grand Rapids, Mich. | 15.4% | $397,000 | -2.6% | 36.9% | $104,945 | 33 | 9.1% |
| Detroit | 16.7% | $253,575 | 1.4% | 1.3% | $67,031 | 37 | 12.6% |
| Pittsburgh | 16.8% | $243,724 | 0.5% | 33.2% | $64,427 | 47 | 15.7% |
| St. Louis | 16.8% | $294,900 | 0.2% | 31.1% | $77,955 | 39 | 13.5% |
| Birmingham, Ala. | 18.2% | $299,900 | 1.5% | 18.8% | $79,277 | 50 | 16.1% |
| Philadelphia | 18.2% | $375,000 | 1.4% | 36.4% | $99,129 | 35 | 12.6% |
| Indianapolis | 19.7% | $329,211 | -3.4% | 18.7% | $87,025 | 40 | 19.8% |
| San Antonio | 20.1% | $339,950 | -1.3% | 15.0% | $89,864 | 58 | 25.6% |
Additionally, the median time listings spent on the market reached 50 days, down from 53 days in March and up from 46 days the year prior. The share of listings with price reductions hit 18%, up monthly from 17.5% and annually from 15.5%. It's the largest share of price reductions for an April since at least 2016.
The median listing price went to $431,250 in April, rising 1.5% from March's $424,900 and 0.3% from April 2024. It also marks a 39.1% five-year growth rate from April 2019's $310,000.
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.
