Table of Contents
The U.S. housing market continued its measured progression toward balance in April 2026. While inventory remains elevated relative to recent years, the pace of growth has slowed compared with 2024 and 2025. Buyer demand stayed steady — contract volume rose year-over-year even as net new listings declined — and home prices held broadly stable. Together, these trends point to a more sustainable market environment heading into summer.
Inventory Growth Moderates as Supply Normalizes
Total single-family inventory rose 2.4% year-over-year in April, continuing the return to average historical levels even as the rate of new supply slowed. Compared with April 2024, inventory is now up 22.0% — but the year-over-year pace has cooled meaningfully versus 2024 and 2025.
Months of inventory stands at 5.10, indicating a neutral environment that is bordering on buyer-friendly territory. Median days on market eased to 41 days, down from 42 days one year ago, signaling that even with elevated supply, transactions are still clearing at a healthy pace.
Buyer Activity Remains Solid Even as Listings Decline
Buyer demand held up through April. 334,021 single-family properties went under contract — an increase of 2.9% year-over-year — even as net new listings fell 13.0% versus April 2025. The decline in net new listings was driven by both a 7.0% decrease in new listing volume and a 28.7% increase in removals.
Over the trailing 52 weeks, contracts totaled 2,936,001, up 2.0% year-over-year, while net new listings of 2,853,966 were down 3.9%. The pattern — fewer new listings paired with steady contract volume — reflects a market that is absorbing existing inventory rather than expanding it.
Prices Hold Steady with Typical Spring Seasonality
Single-family prices remained broadly stable in April. The median listing price was $457,891, down 1.9% year-over-year, while the median closed price rose 5.2% to $441,247. Month-over-month, the median listing price increased 2.0% and the median closed price rose 3.2%, reflecting typical spring price seasonality.
The median price-per-sqft of listed homes is $237.0 (down 1.9% YoY), and the median closed price-per-sqft is $241.6 (up 3.6% YoY). The sale-to-list price ratio sits at 98.4%, and price cuts are down 6.1% versus April 2025 — pulling back from the multi-year high observed in 2025.
Rental Market: Supply Tightens and Rents Ease
The single-family rental market saw inventory contract 13.4% year-over-year, although it remains 1.5% above April 2024 levels. The median listed rent declined 3.4% year-over-year to $2,447, with rents dipping 0.2% month-over-month.
Tightening rental supply paired with softer rents suggests landlords are pricing competitively even as fewer units come to market — a continuation of the rebalancing we've tracked since late 2025.
Condo Market: Buyer-Friendly Conditions and Softening Prices
The condo market — including townhomes and other single-family attached units — is showing a more pronounced shift than the detached segment. Total condo inventory is up 1.5% year-over-year and up 25.1% versus 2024. Months of inventory stands at 6.3, firmly in buyer's-market territory, and median days on market reached 55 days, up from 54 a year ago.
68,952 condos went under contract in April, a 1.3% increase year-over-year, while net new condo listings fell 16.5% — driven by a 9.5% decrease in new listings combined with a 20.0% increase in removals.
Pricing has softened more meaningfully on the condo side. The median listing price was $399,783, down 5.0% year-over-year, while the median closed price held essentially flat at $395,023 (up 0.1% YoY). The sale-to-list ratio for condos sits at 97.2%, and condo price cuts are down 12.7% compared with April 2025. In the condo rental market, the median listed rent fell 5.6% year-over-year to $2,273, while rental inventory is up 1.7% year-over-year.
Key April 2026 Highlights
All single-family figures below reflect Single-Family Detached (SFD) homes; condo metrics are summarized in the Condo Market section above.
- Net New Listings (SFD): 327,322 in April (down 13.0% YoY)
- Contracts (SFD): 334,021 in April (up 2.9% YoY)
- Inventory (SFD): +2.4% YoY; months of supply at 5.10
- Days on Market (SFD): 41 (down from 42 YoY)
- Prices (SFD): Listing –1.9% YoY ($457,891) | Closed +5.2% YoY ($441,247)
- Rental Market (SFD): Inventory –13.4% YoY | Median rent $2,447 (–3.4% YoY)
- Condo Market: Inventory +1.5% YoY | Months of supply at 6.3 | Listing prices –5.0% YoY
The Bottom Line
The April 2026 Market Pulse shows a U.S. housing market that is settling into a more sustainable equilibrium. Moderating inventory growth, steady buyer activity, and stable pricing are converging across both single-family and condo segments — with condos running noticeably more buyer-friendly than detached homes. As the market moves into summer, these conditions support a balanced environment for both buyers and sellers.
Explore the full April 2026 Market Pulse Report to access detailed data, trends, and regional breakdowns shaping today's housing market.
