Weekly Housing Trends View-Data for Week Ending March 22, 2025

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 spring housing market is starting to warm up, with more homeowners putting their properties up for sale and inventory levels continuing to build. Mortgage rates in March dipped below both February’s and last year’s levels, offering some relief for buyers and potentially encouraging sellers to act. However, despite these more favorable rate conditions, pending home sales haven’t picked up meaningfully just yet. As we approach the best time of year to list a home, it’s clear that some buyers are still on the sidelines—facing affordability challenges and growing uncertainty about their financial outlook, as reflected in recent survey data from Fannie Mae.

Key national findings

• New listings—a measure of sellers putting homes up for sale—increased 8.2%
  New listings were up 8.2% compared with this time last year, marking the 11th straight week of annual growth. As mortgage rates dipped in March, some homeowners saw a window of opportunity and decided to put their homes on the market. It’s a welcome sign for buyers who’ve been waiting for more options. That said, while new listings are rising, early signs suggest that buyer activity—measured by pending home sales—may be losing a bit of steam. As always, timing matters. Sellers who list early in the season, especially ahead of peak competition, may still have an edge during the busy spring market.
• Active inventory climbed 29.2% from a year ago
  The number of homes actively for sale remains significantly higher than last year, continuing a 72-week streak of annual gains. This year-over-year inventory growth gives buyers more choices and encourages more competitive pricing among sellers. However, the inventory level is still below pre-pandemic norms, and supply constraints in many markets continue to limit buyer flexibility.
• Homes spent 3 days longer on the market than last year
  Buyers are taking more time to make decisions as the market pace slows—homes are now spending three additional days on the market compared with this time last year. While this is a modest increase, and is trending downward, it continues a long-standing trend and reflects buyer hesitation amid high borrowing costs. A slower pace can work in buyers’ favor, offering more room for negotiation and comparison shopping.
• The median list price was unchanged year-over-year
  The national median list price was unchanged from a year ago, continuing a 43-week streak where prices have either remained flat or declined compared with the same time last year. Rather than signaling a turnaround, this stability suggests that prices are holding steady as the market adjusts to higher borrowing costs and a growing number of listings. Price per square foot—a measure that helps account for changes in the size of homes on the market—rose 1.3% year over year. This suggests that while overall prices haven’t moved much, the underlying value of homes, when adjusted for size, has edged slightly higher. Meanwhile, the share of homes with a price reduction ticked up by 0.8 percentage points, a sign that sellers are adjusting expectations to meet today’s more budget-conscious buyers.

National data summary