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 24.8% annually in July, according to Realtor.com.
Some of the largest inventory gains came in high-demand cities and over a fifth of all listings had price reductions.
Find your lowest rate. Start hereActive listings make huge leap in July
In a promising sign for prospective borrowers, active home listings surged 24.8% annually in July, according to Realtor.com’s Housing Report.
A typical day during the month yielded 1.103 million for-sale listings, up from June’s 1.086 million and overshadowing July 2024’s 884,273. It also marked the 21st straight month of annual growth. Though active listings are trending upwards, they still lag “normal” prepandemic levels.
“The housing market has cooled modestly in 2025, but the extent and persistence of rebalancing really varies across the country, and, regionally, home buyers and sellers are likely to experience a very different market,” said Danielle Hale, chief economist at Realtor.com.
“In the South and West, we’re seeing clear signs of a shift toward buyer-friendly conditions—more price cuts, rising delistings, and homes sitting longer on the market–which has led to sometimes sizable price adjustments since 2022. Meanwhile, the Midwest and Northeast remain relatively tight, with less inventory relief and stronger pricing power for sellers. This widening divide underscores how local market dynamics are driving very different experiences for buyers and sellers.”
Regionally, the West saw active listings grow most at a 32.5% annual rate. Then came the South at 25.4%, Midwest at 18.1% and Northeast at 15.5%.
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 July:
| Metro Area | Active Listing Count YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share, YoY (Percentage Points) |
| Las Vegas | 65.7% | $475,000 | -1.0% | 14 | 4.8 |
| Washington, DC | 56.5% | $612,500 | -0.8% | 2 | 1.9 |
| Raleigh, NC | 45.4% | $460,000 | -1.1% | 9 | 4.3 |
| San Diego | 43.5% | $987,500 | -1.2% | 7 | 3.2 |
| Charlotte, NC | 42.6% | $449,433 | 2.4% | 12 | 2.6 |
| Los Angeles | 41.0% | $1,148,483 | -4.2% | 8 | 3.8 |
| Tucson, AZ | 41.0% | $385,000 | -2.5% | 15 | 1.2 |
| Riverside, CA | 38.1% | $599,900 | 0.0% | 11 | 2.1 |
| Baltimore | 37.3% | $399,900 | 6.6% | 0 | 0.7 |
| Phoenix | 37.3% | $505,000 | -3.8% | 16 | 2 |
| Sacramento, CA | 37.0% | $625,000 | -3.8% | 10 | 3.3 |
| Denver | 36.7% | $600,000 | -4.0% | 11 | 0.1 |
| Seattle | 36.7% | $785,463 | 0.8% | 4 | 3.6 |
| Houston | 31.5% | $370,000 | -0.5% | 2 | 3.2 |
| Atlanta | 30.5% | $419,945 | -1.2% | 10 | 3 |
On the other end of the spectrum, Grand Rapids, Mich., gained the least for-sale inventory, increasing 1.8% from July 2024. Chicago and New York City came next, rising 5.4% and 9.4%, respectively, followed by 9.9% in Milwaukee and 10.8% in Minneapolis.
The table below shows the full bottom 15:
| Metro Area | Active Listing Count YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share, YoY (Percentage Points) |
| Grand Rapids, MI | 1.8% | $427,350 | 6.9% | 6 | 0 |
| Chicago | 5.4% | $377,000 | -4.4% | 3 | 1.9 |
| New York | 9.4% | $775,000 | 0.0% | 2 | 0.3 |
| Milwaukee | 9.9% | $410,000 | 2.5% | 0 | 3.5 |
| Minneapolis | 10.8% | $435,000 | -3.2% | 1 | 2.2 |
| Pittsburgh | 11.0% | $252,278 | 0.9% | 5 | 0.2 |
| Birmingham, AL | 11.6% | $309,500 | 2.7% | 7 | 1.1 |
| Buffalo, NY | 13.0% | $299,450 | 7.0% | -4 | 0.6 |
| Columbus, OH | 13.7% | $392,450 | N/A | 4 | 7.4 |
| San Antonio | 14.7% | $339,700 | -2.7% | 9 | -1.6 |
| Jacksonville, FL | 16.5% | $408,495 | -1.4% | 15 | 0.6 |
| Hartford, CT | 16.9% | $449,450 | 2.5% | 3 | 2.4 |
| Austin, TX | 18.1% | $510,950 | -4.9% | 8 | -0.9 |
| St. Louis | 18.3% | $300,000 | -2.4% | 5 | 2.2 |
| Philadelphia | 18.8% | $384,950 | -1.2% | -1 | -0.1 |
Additionally, the median time listings spent on the market reached 58 days, up from 53 days in June and 51 days the year prior. The share of listings with price reductions hit 20.6%, down monthly from 20.7% and up annually from 18.9%.
The median listing price went to $439,450 in July, dipping 0.3% from $440,950 in June and 0.1% from $439,950 in July 2024. Notably, it marks a 37.6% five-year growth rate from July 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.
