The U.S. housing market stayed in a subdued holding pattern in November 2025, with rising inventory but little movement from buyers. Realtor.com reports that active listings climbed 12.6% from a year earlier, marking the 25th straight month of gains. But that growth is slowing, signaling the market’s broader plateau. Even as mortgage rates inched down and government data reporting resumed after the shutdown, buyer demand remained soft. Homes stayed on the market slightly longer than last year, and national list prices dipped 0.4%, reminding us that affordability challenges continue to weigh heavily on both sides of the market.
Inventory increased across all regions, with the West and South posting the largest gains, though at a slower pace than over the summer. In many Western and Southern metros, homes now sit significantly longer than before the pandemic. By contrast, much of the Northeast and Midwest remain tighter, with faster sales and fewer price cuts. The contrast is stark: Denver has roughly 60% more inventory than before the pandemic, while Hartford sits almost 75% below its former supply levels.
Delistings on the Rise
One of the most notable shifts this fall has been the surge in delistings. About 6% of all active listings have come off the market each month since June—an unusual pattern outside winter months. Many sellers appear to be stepping back when offers fail to meet expectations, highlighting how affordability pressures and slower sales are prompting homeowners to retreat rather than cut prices further.
At the same time, a new pattern is taking shape among buyers. Smaller, more affordable metros (called “refuge markets”) are attracting cost-conscious households priced out of expensive coastal hubs and major Sun Belt cities. These metros, often located near larger job centers or offering lower overall living costs, recorded some of the strongest price gains in the country this year. Their rise reflects how families are redefining affordable homeownership in a high-rate, high-price environment.
Together, November’s trends underscore a market still adjusting to elevated costs, uneven regional recovery, and shifting buyer strategies, all of which are conditions expected to persist well into 2026.
The post Housing Market Stalls as Inventory Rises but Buyers Pull Back first appeared on The MortgagePoint.
