Following a robust October performance, the U.S. housing market exhibited mixed signals in November 2025, with pending home sales declining 1% year-over-year even as the broader market continued its gradual recovery trajectory.
The deceleration marked a notable contrast to the preceding months, during which new single-family house sales had demonstrated considerable strength, reaching a seasonally-adjusted annual rate of 800,000 in August 2025. This represented a 20.5% increase from July and a 15.4% gain compared to August 2024.
The inventory landscape presented a complex picture as November 2025 recorded the 25th consecutive month of year-over-year inventory gains, with active listings rising 12.6% compared to the prior year.
The number of homes available for sale exceeded 1 million for the seventh consecutive month, though the pace of inventory growth showed signs of deceleration—a trend that has persisted since May. Despite the sustained growth, inventory remains 11.7% below typical 2017-19 levels.
Existing-home inventory stood at 4.4 months in October 2025, an increase of 0.4 months year-over-year, while new houses for sale at the end of August totaled 490,000 units, down 1.4% from July.
Price dynamics reflected the market’s shifting state, with the national median list price in November 2025 reaching $415,000, down 0.4% year-over-year.
The median single-family price increased 1.7% year-over-year to $426,800, while year-over-year price growth decelerated to 1.2% in September 2025.
Regional variations remained pronounced, with Midwest home prices advancing 4.2% year-over-year in the third quarter of 2025 to a median of $331,100.
Approximately 77% of U.S. metropolitan areas posted price gains amid persistently tight inventory conditions, while 20% of homes experienced price cuts as sellers adjusted to slower buyer activity. In parallel markets, HDB resale prices demonstrated resilience with growth extending 20 quarters since Q2 2020, though quarterly gains moderated to 1.5% in Q1 2025.
Buyer activity metrics indicated continued market cooling, as the typical home spent 64 days on market in November 2025, three days longer than the year-earlier period.
This marked the 20th straight month of extended selling times.
Delistings in October 2025 surged 37.9% year-over-year, the highest national rate recorded since 2022.
The NAHB Housing Market Index rose modestly by one point to 38 in November 2025.
Current sales conditions increased two points to 41, though sales expectations for the subsequent six months declined three points to 51, suggesting builder sentiment remained cautiously measured.
