Housing Market at a Crossroads: Inventory Climbs but Some Sellers Hold Out
Rhea-AI Summary
Realtor.com (NASDAQ:NWSA) released its June 2025 Housing Trends Report, revealing a complex market dynamic where active inventory rose 28.1% year-over-year, reaching a post-pandemic high. However, seller delistings increased 47% from the previous year, indicating growing seller hesitation in the current market environment.
The report shows that median listing prices held steady at $440,950, up just 0.1% year-over-year, while 20.7% of listings saw price reductions - the highest June level in nearly a decade. The median days on market increased to 53 days, five days longer than last year. The ratio of delistings to new listings reached 13% this spring, significantly higher than previous years, suggesting a growing trend of sellers choosing to wait out the market rather than adjust prices.
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Insights
Housing market shifting as inventory rises 28.9% YoY, but delistings surge 47% as patient sellers pull listings rather than cut prices.
The June housing data reveals a market at an inflection point, with active inventory climbing 28.9% year-over-year to over 1 million listings nationwide—the highest post-pandemic level—while median listing prices remained essentially flat at $440,950 (+0.1% YoY). What's particularly notable is the 47% surge in delistings compared to last year, outpacing the overall inventory growth rate of 31.5%. This signals many sellers are choosing to wait rather than accept lower offers.
The ratio of delistings to new listings reached 13% this spring, meaning approximately 13 homes were pulled from the market for every 100 newly listed—significantly higher than previous years (10% in 2024 and 2023, 6% in 2022). This metric is critical because it shows a growing pool of potential inventory that remains sidelined, creating an unusual dynamic where overall selection improves for buyers while many sellers exercise patience.
Markets experiencing the largest inventory gains include Las Vegas (+77.6%), Washington D.C. (+63.6%), and Raleigh (+56.4%). Meanwhile, 20.7% of active listings saw price reductions—the highest June level in nearly a decade. Homes are staying on market longer too, with median days on market increasing to 53 days, five days longer than last year.
The regional divergence is striking: 36 of the 50 largest metros showed year-over-year median price declines, with markets like Austin (-4.5%), Sacramento (-4.8%), and Miami (-4.7%) seeing more significant adjustments. This patchy pricing environment, combined with the rising delisting trend, suggests we're witnessing a standoff between price-sensitive buyers and equity-rich sellers who can afford to wait—potentially delaying a full transition to a buyer's market despite improving inventory conditions.
Delistings rise as some sellers choose to wait out the market
"This year's market is a study in contrasts," said Danielle Hale, Chief Economist at Realtor.com®. "Buyers are seeing more choices than they've had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don't get their number. Looking forward, this dynamic will affect whether we tip from a balanced to buyer's market, and if so, how quickly that happens."
June 2025 Housing Metrics – National (*For metro stats, see table overview below)
Metric | Jun. 2025 | Change over | Change over | Change over |
Median listing price | +0.2 % | +0.1 % | +37.8 % | |
Active listings | 1,085,520 | +4.8 % | +28.9 % | -11.3 % |
New listings | 452,414 | -2.7 % | +6.2 % | -18.7 % |
Median days on market | 53 | +2 days | +5 days | 0 (no change) |
Share of active listings | 20.7 % | +1.6 percentage | +2.3 percentage | +3.7 percentage |
Median List Price Per | -0.4 % | +0.7 % | +52.9 % |
Inventory Hits New Post-Pandemic High, Giving Buyers More Options
Even with more homeowners withdrawing their listings, buyers still have more homes to choose from since the pandemic began. Nationally, active listings topped 1 million for the second straight month, putting inventory about
Inventory grew in all four major
Price Cuts Climb to Highest June Level in Nearly a Decade
Facing stiffer competition and affordability-challenged buyers, more sellers are adjusting their expectations, but cautiously. In June,
Still, even with more markdowns, the national median list price held steady at
Delistings Rise
While the number of homes for sale rose substantially, marking the 20th straight month of inventory growth, more homeowners are also opting to delist. Delistings outpaced overall inventory gains, jumping
These stats highlight an important market dynamic happening; inventory is up by a lot overall, but delistings are growing faster than overall inventory growth, so more homes are listing and staying on the market, but more homes are coming off as delistings too.
Put simply: although buyers have more homes to choose from overall, a growing slice of sellers have tested the market and would prefer to sit on the sidelines rather than reduce their price. The ratio of delistings to new listings reached
In hot spots like
"We're seeing hesitation on both sides of the market," said Anthony Djon, founder of Anthony Djon Luxury Real Estate. "Inventory is rising, giving buyers more options and making them more price-sensitive and selective. At the same time, some sellers—especially those not getting immediate traction—are stepping back. The market has clearly shifted from the urgency and intensity of recent years, and today's homeowners are having to recalibrate their expectations."
June 2025 Housing Overview of the 50 Largest Metros
Metro | Active Listing | New Listing | Median List | Median List | Median List | Median Days | Price-Reduced |
36.7 % | 3.1 % | -0.9 % | -1.2 % | 9 | 3.8 | ||
20.1 % | 1.1 % | -4.5 % | -4.6 % | 7 | 1.5 | ||
* | 42.6 % | 5.1 % | 7.0 % | 3.5 % | -3 | 2.5 | |
13.5 % | 0.2 % | 3.3 % | 1.8 % | 7 | 1.5 | ||
30.2 % | 3.3 % | -1.1 % | 1.2 % | 6 | 2.5 | ||
Buffalo-Cheektowaga, | 8.1 % | 5.5 % | 3.8 % | 7.3 % | 1 | 0.3 | |
53.6 % | 11.1 % | 3.3 % | -0.1 % | 8 | 5.0 | ||
10.7 % | 0.1 % | -3.8 % | -0.2 % | 1 | 1.7 | ||
28.8 % | 8.0 % | -6.3 % | 1.1 % | 1 | 0.8 | ||
25.3 % | 11.3 % | 0.7 % | 4.3 % | 0 | 2.0 | ||
40.0 % | 11.2 % | -2.5 % | -0.4 % | 11 | 3.8 | ||
38.6 % | 7.8 % | -2.3 % | -1.2 % | 7 | 2.4 | ||
46.9 % | 3.0 % | -3.6 % | -2.2 % | 9 | 4.0 | ||
25.0 % | 10.6 % | 1.8 % | 2.3 % | 0 | 3.4 | ||
17.4 % | 5.4 % | 3.7 % | 3.1 % | 5 | 1.9 | ||
Hartford-West | 17.3 % | 9.3 % | 3.1 % | 3.4 % | -3 | 1.8 | |
31.7 % | -1.7 % | 1.4 % | -0.4 % | 1 | 3.2 | ||
31.1 % | 14.6 % | -3.3 % | -0.8 % | 3 | 4.1 | ||
24.0 % | -3.9 % | -2.6 % | -2.3 % | 12 | 0.8 | ||
36.6 % | 4.5 % | -1.3 % | 0.3 % | -2 | 2.2 | ||
77.6 % | 7.3 % | -1.0 % | -0.4 % | 11 | 8.5 | ||
Los Angeles-Long | 49.9 % | 7.9 % | -1.4 % | -1.9 % | 7 | 4.8 | |
| 26.9 % | 5.3 % | -1.3 % | 2.4 % | 2 | 1.7 | |
21.1 % | 1.2 % | 0.7 % | 1.9 % | 7 | 0.8 | ||
Miami-Fort | 35.0 % | -2.8 % | -4.7 % | -4.0 % | 15 | 0.5 | |
| 0.8 % | 18.5 % | 2.5 % | 7.4 % | -3 | 2.3 | |
12.3 % | 4.5 % | -0.5 % | -0.8 % | 4 | 2.3 | ||
37.5 % | 18.1 % | -4.6 % | -2.1 % | 20 | -1.9 | ||
9.7 % | 18.3 % | 0.8 % | -4.4 % | 2 | 0.2 | ||
31.9 % | 6.6 % | 0.0 % | 0.8 % | -4 | 1.5 | ||
33.7 % | -3.3 % | -3.4 % | -2.8 % | 15 | 2.8 | ||
* | 20.0 % | 0.5 % | -1.9 % | 1.0 % | -2 | 1.9 | |
44.2 % | 5.7 % | -3.0 % | -1.2 % | -2 | 5.1 | ||
19.7 % | 5.7 % | 0.0 % | 2.1 % | 3 | 2.5 | ||
30.1 % | 7.5 % | -1.6 % | -2.5 % | 6 | 3.7 | ||
| 29.5 % | 3.8 % | 3.4 % | 5.8 % | 3 | 2.7 | |
56.4 % | 11.9 % | -1.6 % | -0.5 % | 10 | 5.7 | ||
17.3 % | 11.6 % | -1.7 % | 1.1 % | -3 | 3.2 | ||
Riverside-San | 43.5 % | 0.2 % | -1.6 % | -0.7 % | 11 | 4.3 | |
47.5 % | 5.2 % | -4.8 % | -3.0 % | 7 | 5.9 | ||
San Antonio-New | 18.3 % | -9.5 % | -2.2 % | -2.4 % | 10 | 0.6 | |
55.3 % | 7.0 % | -2.0 % | -3.8 % | 8 | 4.8 | ||
29.9 % | -0.3 % | -0.1 % | -3.7 % | 9 | 3.3 | ||
39.0 % | -3.1 % | -3.5 % | -2.1 % | 9 | 5.7 | ||
45.9 % | 5.3 % | 1.4 % | 2.5 % | 6 | 4.8 | ||
18.8 % | 9.0 % | -3.2 % | -1.8 % | 0 | 3.5 | ||
27.5 % | -4.1 % | -1.4 % | -2.4 % | 11 | 1.1 | ||
51.0 % | 10.8 % | -1.9 % | -2.2 % | 12 | 2.9 | ||
| 29.2 % | 11.9 % | 5.2 % | 5.0 % | 6 | 3.0 | |
* | 63.6 % | 4.1 % | -1.6 % | -3.9 % | 3 | 4.7 |
*Note: Changes in the underlying source data for the
Methodology
Realtor.com housing data as of June 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
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.
With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
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: Asees Singh, press@realtor.com
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SOURCE Realtor.com
