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, a recovery’s underway. The count of active listings spiked 20.9% annually in August, according to Realtor.com.
Some of the largest inventory gains came in high-demand cities and just over a fifth of all listings had price reductions.
Find your lowest rate. Start hereActive listings make huge leap in August
In a promising sign for prospective borrowers, active home listings surged 20.9% annually in August, according to Realtor.com’s Housing Report.
A typical day during the month yielded 1.099 million for-sale listings, down from July’s 1.103 million but overshadowing August 2024’s 909,344. It also marked the 22nd straight month of annual growth. Though active listings are trending upwards, they still lag “normal” prepandemic levels.
“The national housing market is now more balanced between homebuyers and sellers at five months of supply, but that balance conceals a wide range of local realities,” said Danielle Hale, chief economist at Realtor.com. “In Miami, Austin, and Orlando, buyers are clearly in control, while in metros like Milwaukee and Boston, sellers remain firmly in the driver’s seat. The takeaway for buyers and sellers alike is that local conditions, not national headlines, are what matter most for pricing, competition, and timing.”
Regionally, the South saw active listings grow most at a 45.6% annualized rate. Then came the West at 35.4%, Midwest at 23.1% and Northeast at 13.9%.
Among the 50 largest U.S. housing markets, Las Vegas led the way with a 65.7% year-over-year gain in active listing count. Jumps of 56.5% in Washington, D.C., 45.4% in Raleigh, N.C., 43.5% in San Diego, and 42.6% 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 August:
| Metro | Active Listing Count YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price Reduced Share, YoY (Percentage Points) | Months of Supply (June 2025) |
| Washington, DC | 54.7% | $599,900 | 0.0% | 2 | 17.5% | 3.5 | 4.1 |
| Las Vegas | 48.2% | $473,465 | -1.4% | 14 | 24.1% | 3 | 4.3 |
| Raleigh, NC | 42.3% | $455,000 | 0.0% | 8 | 24.8% | 4.1 | 5.6 |
| Baltimore | 38.6% | $397,000 | 7.0% | 2 | 19.2% | 2.6 | 3.7 |
| San Diego | 36.8% | $950,000 | -4.9% | 7 | 21.5% | 3.7 | 4.8 |
| Charlotte, NC | 36.4% | $439,999 | 1.1% | 13 | 24.9% | 1.5 | 4.3 |
| Los Angeles | 35.8% | $1,100,000 | -7.6% | 9 | 16.9% | 3.3 | 5 |
| Tucson, AZ | 32.8% | $384,995 | -1.3% | 13 | 22.6% | 2.4 | 5.4 |
| Houston | 31.6% | $365,000 | -2.7% | 0 | 22.0% | 1.7 | 5.7 |
| Seattle | 31.0% | $774,950 | 0.0% | 6 | 20.0% | 2.4 | 4.4 |
| Riverside, CA | 30.4% | $599,000 | 0.0% | 13 | 18.6% | 1.7 | 6.1 |
| Columbus, OH | 30.3% | $382,450 | -0.6% | 5 | 26.8% | 4.3 | 3.3 |
| Denver | 29.8% | $599,990 | -3.2% | 12 | 31.4% | 3.9 | 4.9 |
| Sacramento, CA | 29.0% | $619,990 | -3.1% | 7 | 22.9% | 2.4 | 4.4 |
| Phoenix | 28.7% | $499,000 | -3.1% | 13 | 28.3% | 0.9 | 5.2 |
At the other end of the spectrum, Chicago gained the least for-sale inventory, increasing 2.5% from August 2024. Minneapolis and Grand Rapids, Mich., came next, rising 4.9% and 5.4%, respectively, followed by 6% in Milwaukee and 7.7% in New York.
The table below shows the full bottom 15:
| Metro | Active Listing Count YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price Reduced Share, YoY (Percentage Points) | Months of Supply (June 2025) |
| Chicago | 2.5% | $374,900 | -2.6% | 1 | 16.5% | 2 | 3.7 |
| Minneapolis | 4.9% | $433,350 | -1.5% | 2 | 17.0% | -0.2 | 3.8 |
| Grand Rapids, MI | 5.4% | $409,900 | 2.5% | 2 | 19.1% | 0 | 2.9 |
| Milwaukee | 6.0% | $399,900 | 0.2% | 3 | 15.1% | 0.5 | 2.7 |
| New York | 7.7% | $760,000 | 0.1% | 0 | 7.9% | -0.1 | 6.7 |
| Pittsburgh | 8.8% | $254,000 | 5.9% | 3 | 20.2% | -0.4 | 4.7 |
| Buffalo, NY | 10.9% | $285,450 | 2.0% | -2 | 9.6% | 0.2 | 5.7 |
| Birmingham, AL | 11.7% | $299,900 | 0.0% | 7 | 18.0% | -0.4 | 4.5 |
| Jacksonville, FL | 12.0% | $399,000 | -2.6% | 13 | 29.9% | 1.9 | 6.3 |
| St. Louis | 13.6% | $300,000 | -0.6% | 4 | 17.1% | 1.3 | 2.9 |
| Austin, TX | 15.4% | $499,000 | -5.0% | 7 | 28.7% | 0.7 | 7.1 |
| Virginia Beach, VA | 15.4% | $413,000 | 4.6% | 5 | 22.8% | 1.9 | 3 |
| Tampa, FL | 16.3% | $415,000 | 0.0% | 13 | 27.5% | -1.9 | 6.3 |
| San Antonio | 16.8% | $330,000 | -3.7% | 7 | 26.8% | -0.4 | 5.3 |
| Cleveland | 16.9% | $264,450 | -2.0% | 3 | 17.5% | 1.5 | 3.8 |
Additionally, the median time listings spent on the market reached 60 days, up from 58 days in July and 53 days the year prior. The share of listings with price reductions hit 20.3%, down monthly from 20.6% and up annually from 19.2%.
The median listing price went to $429,990 in August, falling 2.2% from $439,450 in July and holding flat from August 2024. Notably, it marks a 22.9% five-year growth rate from August 2020.
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.
