THE BIG STORY: BALANCE HAS ARRIVED
Nationally, housing inventory hit one million active listings this past year—the highest since 2019. It’s a milestone that came about due to 20 consecutive months of inventory growth, as the market continued to balance out after frothy home value appreciation immediately following the pandemic. Cities in the south and west in particular are experiencing inventory surpluses and affordability gains, which will offer buyers more options while increasing pressure on sellers to find middle ground. Average days on market returned to a pre-pandemic normal at 63 days. Twenty percent of listings reduced prices. Builders are offering major incentives —41% cut prices, and Lennar devoted 14% of home prices to concessions. Zillow reported affordability reached a three-year high in 2025.
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THE 2025 REAL ESTATE MARKET BRIEF & 2026 FORECAST
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