Realtor.com Reports Most Active “For Sale” Inventory since November 2019

by Calculated Risk on 8/01/2025 03:36:00 PM

What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory and new listings. On a monthly basis, they report total inventory. For July, Realtor.com reported inventory was up 24.8% YoY, but still down 13.4% compared to the 2017 to 2019 same month levels.

Here is their weekly report: Weekly Housing Trends: Latest Data as of July 26

• Active inventory climbed 23.7% year over year

The number of homes active on the market climbed 23.7% year over year, slightly lower than last week. This represents the 90th consecutive week of annual gains in inventory. There were more than 1.1 million homes for sale again last week, marking the 12th week in a row over the million-listing threshold and the highest inventory level since November 2019. Active inventory is growing significantly faster than new listings, an indication that more homes are sitting on the market for longer.

• New listings—a measure of sellers putting homes up for sale—rose 5.8% year over year

New listings rose again last week on an annual basis by 5.8% compared with the same period last year. This marks a slight slowdown from last week, in which new listings grew by 7.2% year over year, but is roughly in line with new listing growth throughout this June and July.

• The median list price was flat year over year

The median list price posted its first week without year-over-year growth (0%) since May. The median list price per square foot—which adjusts for changes in home size—rose 0.5% year over year and has not fallen in nearly two years, suggesting that the mix of homes for sale is starting to favor smaller and less expensive inventory.

With inventory climbing, and sales depressed, months-of-supply is at the highest level since 2016 putting downward pressure on house prices in an increasing number of areas.