1. U.S. housing market is balanced with 5 months of supply. 2. Austin, Miami, and Orlando are current buyers' markets. 3. Median listing price is $429,990, down 2.2% from last month. 4. Active listings up 20.9%, but growth is slowing significantly. 5. Delistings have surged 57%, indicating seller frustration.
The reported decline in median listing prices, combined with increased delistings and reduced buyer demand, could signify a softer market environment for NWS and its interests, especially in real estate. Historically, drops in housing prices correlate with declines in related business revenues, seen during previous housing market corrections.
The article discusses pertinent changes in the housing market, affecting realtor businesses, including Realtor.com, which NWS owns. These shifts in market dynamics are vital for potential revenue impacts on NWS and related divisions focusing on real estate.
Immediate trends in active and new listings and rising delistings suggest that current conditions will affect NWS dealings in the near term. If conditions stabilize or worsen, further effects on their revenue could manifest quickly.
The U.S. Housing Market Reaches Balance in August as National Supply Hits 5 Months
AUSTIN, Texas, Sept. 9, 2025 /PRNewswire/ -- The U.S. housing market reached a rare state of balance this summer, according to Realtor.com®'s August monthly housing report which showed months of supply at 5.0, a level not seen in the summer months since Realtor.com began tracking the metric in 2016. This shift signals the continuation of a slow rebalancing in favor of homebuyers, though local conditions vary significantly across regions and metros.
"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."
Formally, months of supply is defined as a month's total inventory — both active and pending listings — divided by sales in that month. In theory, it represents how long it would take to sell all currently listed homes at the current sales pace. In practice, the metric is a long-standing rule of thumb: fewer than 4 months indicates a seller's market, 4–6 months is balanced, and 6+ months favors buyers.
August 2025 Housing Metrics – National (*For metro stats, see Table table overview below)
Metric | August 2025 | Change over July 2025 (MoM) | Change over Aug. 2024 (YoY) | Change over Aug. |
Median listing price | $429,990 | -2.2 % | 0.0 % | 36.2 % |
Active listings | 1,098,681 | -0.4 % | 20.9 % | -11.1 % |
New listings | 402,268 | -7.5 % | 4.9 % | -16.1 % |
Median days on market | 60 | 2 | 7 | 1 |
Share of active listings with price | 20.3 % | 0 | 1.1 | 2.8 |
Median List Price Per Sq.Ft. | $228 | -1.2 % | 0.1 % | 51.3 % |
Metros Split Along Buyer-Seller Spectrum
At the metro level, seven of the 50 largest U.S. markets were in buyer's market territory in June with six months or more of supply: Miami, Austin, Orlando, New York, Jacksonville, Tampa, and Riverside, Calif. Every major metro in this category also saw prices fall in August on a per-square-foot basis.
Markets with greater than six months supply experienced price declines in August, while those with fewer than four months supply recorded stronger price growth. The divergence is highly regional: Southern markets — particularly in Florida and Texas — dominate the buyer's market group, while most of the Northeast and Midwest remain in tight seller's market territory with steady or rising prices. Notably, buyer's market regions also align to areas where builders have been more active and new homes are more abundant.
Inventory Recovery Stalls After Two Years of Growth
For buyers, a growing number of homes for sale continues to shape the market. Active listings rose 20.9% year-over-year in August, marking the 22nd consecutive month of gains and the fourth straight month above 1 million listings.
But that expansion is slowing. Active listing growth has decelerated each month since May, when it reached 31.5% year-over-year. The gap to pre-pandemic inventory has also widened again, now sitting 14.3% below 2017–2019 norms — up from 12.9% in June. In other words, the nationwide inventory recovery is moving in the wrong direction.
Delistings Signal Growing Seller Frustration
Beyond slowing sales and flat prices, delistings have become a defining feature of this summer's housing market. Nationally, delistings rose 57% in July, which is the most recent month for which delisting data is available, compared to the same time last year, continuing a sharp upward trend that has now outpaced overall inventory gains. On a year-to-date basis, delistings are up 41%.
The ratio of delistings to new listings — a metric that captures the flow of homes in and out of the for-sale market — climbed to 0.24 in July. This means that for every 100 new listings that came onto the market, 24 previously listed homes were removed without selling. By comparison, the ratio was just 0.17 a year ago.
Metros with the highest delisting-to-listing ratios (July): Miami (57 per 100 new listings), Phoenix (45), Riverside, Calif. (34), Tucson, Ariz. (33).
A rising delisting rate suggests that sellers are increasingly unwilling to accept current market prices or conditions, pulling their homes from the market instead. This pullback could put downward pressure on inventory later in the year, reducing buyer choice even as market momentum slows.
Softer Demand Meets Slower Sales
Signs of a cooling market are evident in demand-side indicators. Pending home sales dipped 1.3% year-over-year in August, while new listings grew just 4.9% — marking the fourth straight month of slowing momentum.
Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.
Regionally, the slowdown is most pronounced in the South and West. Compared to last year, time on market rose by eight days in the West and the South, versus three in the Midwest and two in the Northeast. Twenty-seven of the top 50 metros are now seeing listings linger longer than their pre-pandemic averages, with the sharpest slowdowns in Nashville (+21 days) and Miami (+16 days).
Prices Hold Flat, But Cuts Rising
The national median list price remained unchanged from last year at $429,990, down 2.2% month-over-month. Year-on-Year prices varied modestly by region, ticking up slightly in the Northeast (+1.1%), remaining steady in the Midwest (+0.0%) and South (-0.1%), and edging lower in the West (-2.1%)
Sellers are adjusting to weaker demand. In August, 20.3% of active listings had price cuts, with reductions concentrated in the South and West. Delistings also rose sharply — up 57% year-over-year — as more sellers pulled homes off the market.
Table: August 2025 Housing Overview of the 50 Largest Metros
Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price Reduced Share, YoY (Percentage Points) | Addendum: Months of Supply (June 2025) |
Atlanta-Sandy Springs-Roswell, GA | 24.6 % | 1.7 % | $415,000 | 0.0 % | -1.4 % | 10 | 25.2 % | 1.6 | 5.6 |
Austin-Round Rock-San Marcos, TX | 15.4 % | 3.6 % | $499,000 | -5.0 % | -3.5 % | 7 | 28.7 % | 0.7 | 7.1 |
Baltimore-Columbia-Towson, MD | 38.6 % | 3.2 % | $397,000 | 7.0 % | 2.8 % | 2 | 19.2 % | 2.6 | 3.7 |
Birmingham, AL | 11.7 % | -1.2 % | $299,900 | 0.0 % | 1.0 % | 7 | 18.0 % | -0.4 | 4.5 |
Boston-Cambridge-Newton, MA-NH | 21.3 % | 5.4 % | $799,900 | -4.1 % | 1.4 % | 6 | 17.8 % | 1.7 | 3.0 |
Buffalo-Cheektowaga, NY | 10.9 % | 8.4 % | $285,450 | 2.0 % | 5.5 % | -2 | 9.6 % | 0.2 | 5.7 |
Charlotte-Concord-Gastonia, NC-SC | 36.4 % | 8.6 % | $439,999 | 1.1 % | -0.5 % | 13 | 24.9 % | 1.5 | 4.3 |
Chicago-Naperville-Elgin, IL-IN | 2.5 % | -0.3 % | $374,900 | -2.6 % | -0.6 % | 1 | 16.5 % | 2 | 3.7 |
Cincinnati, OH-KY-IN | 17.9 % | 2.4 % | $345,900 | -1.1 % | 1.4 % | 4 | 18.9 % | 0.3 | 3.2 |
Cleveland, OH | 16.9 % | 1.2 % | $264,450 | -2.0 % | 2.9 % | 3 | 17.5 % | 1.5 | 3.8 |
Columbus, OH | 30.3 % | 5.8 % | $382,450 | -0.6 % | -0.6 % | 5 | 26.8 % | 4.3 | 3.3 |
Dallas-Fort Worth-Arlington, TX | 21.3 % | -4.1 % | $430,000 | -3.4 % | -1.6 % | 9 | 28.3 % | -0.1 | 4.6 |
Denver-Aurora-Centennial, CO | 29.8 % | -2.1 % | $599,990 | -3.2 % | -3.4 % | 12 | 31.4 % | 3.9 | 4.9 |
Detroit-Warren-Dearborn, MI | 20.0 % | 6.1 % | $279,000 | -0.3 % | -1.2 % | 2 | 17.9 % | 1.8 | 3.6 |
Grand Rapids-Wyoming-Kentwood, MI | 5.4 % | 0.3 % | $409,900 | 2.5 % | 4.5 % | 2 | 19.1 % | 0 | 2.9 |
Hartford-West Hartford-East Hartford, CT | 17.0 % | 6.0 % | $449,000 | 5.6 % | -0.1 % | 3 | 9.9 % | 0.3 | 3.5 |
Houston-Pasadena-The Woodlands, TX | 31.6 % | 1.4 % | $365,000 | -2.7 % | -1.6 % | 0 | 22.0 % | 1.7 | 5.7 |
Indianapolis-Carmel-Greenwood, IN | 22.6 % | 7.7 % | $327,250 | -0.8 % | 0.0 % | 4 | 29.5 % | 4.4 | 3.4 |
Jacksonville, FL | 12.0 % | -4.3 % | $399,000 | -2.6 % | -2.2 % | 13 | 29.9 % | 1.9 | 6.3 |
Kansas City, MO-KS | 28.0 % | 9.5 % | $392,000 | -1.5 % | 1.1 % | -2 | 17.4 % | -0.5 | 3.3 |
Las Vegas-Henderson-North Las Vegas, NV | 48.2 % | -1.2 % | $473,465 | -1.4 % | -1.1 % | 14 | 24.1 % | 3 | 4.3 |
Los Angeles-Long Beach-Anaheim, CA | 35.8 % | 4.4 % | $1,100,000 | -7.6 % | -2.2 % | 9 | 16.9 % | 3.3 | 5.0 |
Louisville/Jefferson County, KY-IN | 25.0 % | 8.7 % | $320,000 | 0.0 % | 1.7 % | 0 | 21.5 % | 1.5 | 3.7 |
Memphis, TN-MS-AR | 18.4 % | 3.4 % | $332,995 | -1.8 % | 2.2 % | 5 | 23.9 % | 0.7 | 4.7 |
Miami-Fort Lauderdale-West Palm Beach, FL | 24.3 % | -8.3 % | $500,000 | -5.7 % | -3.9 % | 16 | 17.4 % | 0.1 | 9.7 |
Milwaukee-Waukesha, WI | 6.0 % | -3.4 % | $399,900 | 0.2 % | 6.4 % | 3 | 15.1 % | 0.5 | 2.7 |
Minneapolis-St. Paul-Bloomington, MN-WI | 4.9 % | 4.4 % | $433,350 | -1.5 % | -0.4 % | 2 | 17.0 % | -0.2 | 3.8 |
Nashville-Davidson--Murfreesboro--Franklin, TN | 25.8 % | 2.7 % | $539,900 | -1.8 % | -1.0 % | 21 | 21.3 % | -3.3 | 5.8 |
New York-Newark-Jersey City, NY-NJ | 7.7 % | 6.5 % | $760,000 | 0.1 % | -3.5 % | 0 | 7.9 % | -0.1 | 6.7 |
Oklahoma City, OK | 23.1 % | 14.0 % | $320,000 | 1.6 % | 0.3 % | 6 | 22.8 % | 0 | 5.2 |
Orlando-Kissimmee-Sanford, FL | 19.5 % | -10.7 % | $422,695 | -2.8 % | -3.2 % | 14 | 23.6 % | -1.5 | 6.9 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 19.3 % | 1.3 % | $380,000 | -0.5 % | 0.6 % | 0 | 15.5 % | 1.5 | 3.9 |
Phoenix-Mesa-Chandler, AZ | 28.7 % | 2.8 % | $499,000 | -3.1 % | -1.8 % | 13 | 28.3 % | 0.9 | 5.2 |
Pittsburgh, PA | 8.8 % | 9.5 % | $254,000 | 5.9 % | 5.4 % | 3 | 20.2 % | -0.4 | 4.7 |
Portland-Vancouver-Hillsboro, OR-WA | 22.7 % | 5.0 % | $599,000 | -2.6 % | -2.4 % | 9 | 30.8 % | 1.7 | 5.1 |
Providence-Warwick, RI-MA | 20.5 % | 2.2 % | $599,000 | 4.4 % | 2.3 % | 6 | 11.9 % | -4.6 | 3.9 |
Raleigh-Cary, NC | 42.3 % | 14.5 % | $455,000 | 0.0 % | -1.0 % | 8 | 24.8 % | 4.1 | 5.6 |
Richmond, VA | 20.1 % | 4.6 % | $429,500 | -4.6 % | 0.8 % | 3 | 17.2 % | 1.8 | 3.4 |
Riverside-San Bernardino-Ontario, CA | 30.4 % | -3.3 % | $599,000 | 0.0 % | -1.5 % | 13 | 18.6 % | 1.7 | 6.1 |
Sacramento-Roseville-Folsom, CA | 29.0 % | -1.3 % | $619,990 | -3.1 % | -2.4 % | 7 | 22.9 % | 2.4 | 4.4 |
St. Louis, MO-IL | 13.6 % | 8.4 % | $300,000 | -0.6 % | -1.5 % | 4 | 17.1 % | 1.3 | 2.9 |
San Antonio-New Braunfels, TX | 16.8 % | 10.6 % | $330,000 | -3.7 % | -3.6 % | 7 | 26.8 % | -0.4 | 5.3 |
San Diego-Chula Vista-Carlsbad, CA | 36.8 % | -4.3 % | $950,000 | -4.9 % | -3.6 % | 7 | 21.5 % | 3.7 | 4.8 |
San Francisco-Oakland-Fremont, CA | 17.6 % | -2.4 % | $959,000 | -1.0 % | -4.6 % | 8 | 14.8 % | 2.5 | 4.1 |
San Jose-Sunnyvale-Santa Clara, CA | 21.6 % | -6.1 % | $1,378,000 | -1.5 % | -3.8 % | 9 | 14.4 % | 3.3 | 3.6 |
Seattle-Tacoma-Bellevue, WA | 31.0 % | -2.4 % | $774,950 | 0.0 % | 1.1 % | 6 | 20.0 % | 2.4 | 4.4 |
Tampa-St. Petersburg-Clearwater, FL | 16.3 % | -7.6 % | $415,000 | 0.0 % | -1.2 % | 13 | 27.5 % | -1.9 | 6.3 |
Tucson, AZ | 32.8 % | -3.6 % | $384,995 | -1.3 % | -1.7 % | 13 | 22.6 % | 2.4 | 5.4 |
Virginia Beach-Chesapeake-Norfolk, VA-NC | 15.4 % | 6.8 % | $413,000 | 4.6 % | 3.3 % | 5 | 22.8 % | 1.9 | 3.0 |
Washington-Arlington-Alexandria, DC-VA-MD-WV | 54.7 % | 6.8 % | $599,900 | 0.0 % | -4.9 % | 2 | 17.5 % | 3.5 | 4.1 |
Methodology
Realtor.com housing data as of August 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp (NASDAQ:NWS, NWSA]) [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Mallory Micetich, press@realtor.com
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SOURCE Realtor.com