Inventory rose 10% yearly, yet recovery lost momentum, with active listings still 17.2% below pre-pandemic levels nationally.
New listings and pending sales improved slightly as mortgage rates dipped, signaling tentative buyer re-engagement early 2026.
Prices remain flat nationwide, but regional gaps persist, with Northeast prices rising and South and West seeing declines.
Inventory regression since mid-2025 risks renewed price pressure if demand rebounds while supply tightens again.