National Real Estate Insights

National median home price trends since before the pandemic hit. Note the ups and downs relating to seasonal market dynamics: Median sales prices usually peak for the calendar year in June at the end of the spring selling season - when luxury home sales typically peak - and hit their low in mid-winter.

As is the usual seasonal trend, the number of new listings plummeted in November, and can be expected to plunge further in December. In January, new-listing activity will begin to revive and then accelerate through spring.

With the decline in new listings comes a drop in the total number of homes on the market, but inventory continues to run higher on a year-over-year basis.

As the supply of listings has increased and demand has remained relatively flat, the pending ratio continues to run low compared to readings over the past 5 years - especially as compared to the frenzied pandemic-boom market - but it is not particularly low by pre-pandemic norms.

Sales volume also plunges during the mid-winter holidays (though some second-home markets buck this trend). Still, hundreds of thousands of homes continue to sell.

The number of price reductions has been falling since peaking in June (after the tariff shock and general economic volatility slammed the spring market). It is running significantly higher year over year, but that is mostly due to the increase in homes for sale. The percentage of active listings reducing asking price in November 2025, at 18%, was only 1% higher than in November 2024.

As the number of new listings dwindles, more of the sales taking place in the last months of the year are of older listings, which pushes up the overall days-on-market calculations. With the rush of new listings in spring - and how quickly buyers snap them up - this metric typically plunges to its lowest point of the year.