Overview

• Active listings rose about 16% year over year to roughly 1.1 million, marking 99 straight weeks of annual gains as homes sat a median 63 days, about a week longer than last year.
• New listings dipped 0.5% from a year ago last week and fell 1.2% in September, indicating a seller pullback that is slowing the pace of inventory growth.
• About 19.9% of September listings recorded price cuts, with steeper markdowns for $350,000–$500,000 homes compared with 13.3% for $1 million‑plus properties.
• The national median list price hovered near $425,000, essentially flat from a year ago and down 1.2% month over month, while price per square foot declined 0.5% annually for a third week.
• Regional divergence persisted as the South and West showed larger shares of cuts and faster cooling, with metros such as San Diego, Miami, Los Angeles, Austin, Phoenix and Dallas leading recent declines.