United States Housing Market Update - August 2025

August’s national housing market gave buyers more choices, but the inventory recovery was beginning to lose momentum. The historical CSV shows active inventory up 20.87% and total listings up 16.43% from a year earlier. The median list price held at $429,990, while homes spent a median 60 days on the market—seven days longer than in August 2024. The accompanying report emphasized that national conditions remained sharply divided, with the South and West generally carrying more supply than the Northeast and Midwest.

Median List Price -- Trailing 12 Months

Pricing and Value

Metric	Value
National Average List Price	$722,915 (-1.9% YoY)
National Median List Price	$429,990 (0% YoY)
National Median List Price Per Sq Ft	$228/sq ft (+0.1% YoY)
National Median Square Feet	1,844 (-0.4% YoY)

Market Speed and Competition

Metric	Value
National Median Days on Market	60 days (+7 days YoY)
National Price-Increased Share	0.9% (-0.2 percentage points YoY)
National Price-Reduced Share	20.4% (+1.1 percentage points YoY)

Supply Snapshot

Metric	Value
National Active Listings	1,098,681 (+20.9% YoY)
National Total Listings	1,547,439 (+16.4% YoY)

Market Activity

Metric	Value
National New Listings	402,268 (+4.9% YoY)
National Pending Listings	452,766 (+4.7% YoY)
National Pending Ratio	41.2 (-6.4 percentage points YoY)

What This Means for Sellers

• Active inventory increased 20.87% and total listings rose 16.43%, creating more competition among sellers than a year earlier.
• The typical listing spent 60 days on the market, seven days longer than in August 2024, making realistic timing expectations important.
• Price reductions affected 20.35% of listings, up 1.13 percentage points year over year, reinforcing the importance of accurate initial pricing.
• The median list price was unchanged year over year, while the average list price declined 1.9%, suggesting that sellers had limited room to rely on broad price appreciation.

What This Means for Buyers

• Active and total inventory both increased from a year earlier, giving buyers more options at the national level.
• Homes took seven additional days to sell, providing somewhat more time for comparison and negotiation than in August 2024.
• The median list price was flat and the median price per square foot increased only 0.12%, while more than one in five listings had a price reduction.
• The report showed that leverage varied considerably by region and metro, with tighter conditions still common in the Northeast and Midwest.

Deeper Market Data

The broader CSV shows median listed square footage at 1,844 square feet, down 0.43% from a year earlier, while listings with price increases represented only 0.89% of the market. The article also highlighted a growing seller pullback: July delistings were up 57% year over year, and roughly 24 homes were delisted for every 100 new listings nationally. The report’s new months-of-supply analysis placed the national market at five months of supply for June 2025, which it classified as balanced. That national reading masked a wide range of metro conditions, from buyer-friendlier markets in parts of Florida and Texas to much tighter markets concentrated in the Northeast and Midwest.