Our research team releases monthly housing trends reports. These regular reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing. Generally, you can look forward to a Weekly Housing Trends View and the latest weekly housing data on Thursdays and weekly video updates from our economists. Here’s what the housing market looked like over the past week.
What this week’s data means
The housing market trended as expected this week, with active and new listings climbing annually and prices holding steady annually. Prices were flat year over year for the first time since October as the housing market emerged from a slower-than-usual winter. The persistent housing supply gap means that despite recent progress, the home supply remains well below healthy levels, which has prevented home prices from falling more significantly.
As discussed in the recent Realtor.com® Monthly Housing Trends report, the recent rounds of federal layoffs have the potential to affect metro areas with the highest rates of federal employment. The impact of layoffs will likely trickle in over the coming weeks and months as recently unemployed workers find new jobs in new cities, or potentially look for more affordable housing options if their current mortgage becomes unaffordable. We are digging deeper to understand how local dynamics are playing out and will highlight any findings in the coming weeks.
Key national findings
- The median list price was flat year over year
This marks the 42nd consecutive week that the national median home list price has either remained steady or declined compared with the same week last year. Importantly, the annual difference narrowed for the third consecutive week and prices measured flat year over year for the first time since last fall. Controlling for the size of the home, the median list price per square foot increased by 1.3% annually, suggesting there are more smaller homes on the market compared with last year. The share of homes with a price reduction increased by 0.8% this week, pointing to more