KEY ARTICALE TAKEAWAYS
The U.S. housing market continued its path toward balance in November, as inventory growth eased and buyer demand remained strong across all price tiers. Despite seasonal slowdowns and a notable decline in new listings, contract activity once again outpaced last year—reflecting ongoing engagement from buyers even as affordability and supply conditions continue to shift.
Inventory Expansion Moderates, Market Nears Buyer Territory
After months of consistent increase, inventory growth slowed in November but remained elevated year-over-year. Total inventory rose 17.8% compared to 2024, bringing supply back to pre-pandemic norms and supporting a more measured market environment.
Months of inventory reached 5.50, edging closer to buyer-friendly territory, while median days on market increased to 57 days, up slightly from 55 days a year earlier. This gradual lengthening of time on market reflects a continued normalization in transaction pace as conditions become more balanced.
Buyer Demand Remains Resilient Across All Segments
Despite fewer new listings coming to market, buyers remained active. 248,109 properties went under contract in November, an increase of 10.1% year-over-year. Over the past 52 weeks, contract volume rose 3.6%, signaling ongoing strength even in the face of tighter inventory flow.
Importantly, contract activity increased across every price tier, with higher-end segments again posting the strongest gains. This broad-based growth highlights sustained housing demand nationwide, supported by improving supply and greater buyer optionality heading into 2026.
Prices Hold Steady as Sellers Respond to Market Dynamics
Home prices remained relatively stable in November. The median single-family listing price was $440,785, down 0.3% year-over-year, while the median closed price rose 3.4% to $430,978. Month-over-month, listing prices fell 2.1%, reflecting seasonal softening and seller adjustments to competitive conditions.
Price cuts continue to rise, up 20.2% year-over-year, reaching their highest level since 2020. As more supply becomes available and buyers gain leverage, sellers are increasingly aligning pricing expectations with current market realities.
Rental Market: Expanding Inventory Drives Pricing Relief
The single-family rental market continued to experience meaningful inventory growth. Rental inventory rose 18.9% year-over-year, marking one of the strongest expansions in recent years. As supply improved, the median listed rent declined 2.2% year-over-year to $2,434, and dipped 0.8% month-over-month.
This growing rental supply is helping temper rent growth across many markets and may provide renters additional flexibility heading into 2026.
Key November 2025 Highlights
- Net New Listings: 164,514 in November (down 16.2% YoY)
- Contracts: 248,109 in November (up 10.1% YoY)
- Inventory: +17.8% YoY; months of supply at 5.50
- Days on Market: 57 (+3.6% YoY)
- Prices: Listing –0.3% YoY | Closed +3.4% YoY
- Rental Market: Inventory +18.9% YoY | Rents –2.2% YoY
The Bottom Line
The November 2025 Market Pulse shows a U.S. housing market that continues to move steadily toward equilibrium. Rising—but moderating—inventory growth, resilient buyer demand, and stabilizing price trends are helping shape a more balanced environment for both buyers and sellers. As 2025 comes to an end, these conditions lay the groundwork for a healthier and more predictable housing landscape heading into the new year.
Explore the full November 2025 Market Pulse Report to access detailed data, trends, and regional breakdowns shaping today’s housing market.
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