Our research team releases monthly housing trends reports. These reports break down inventory metrics like the number of active listings and the pace of the market. In addition, we continue to give readers more timely weekly updates, an effort that began in response to the rapid changes in the economy and housing as a result of the COVID-19 pandemic. Generally, you can look forward to a Weekly Housing Trends View, the latest weekly housing data on Thursdays, and monthly video updates from our economists. Here’s what the housing market looked like over the past week.
What this week’s data means
Things are shaping up for a buyer-friendly end of summer. Home prices are down slightly year over year, with considerably more homes on the market than there were at this time in 2023. Buyers are in a strong position to take advantage of the lowest mortgage rates in over a year as the busy season for residential real estate comes to a close.
The cooler pace of sales means that buyers have more time to visit listings and make an informed decision, and can watch for new listings coming online as sellers are starting to be relieved of the mortgage rate lock-in effect that has constrained the supply of listings over the past year.
Key findings
- The median listing price fell by 1.2% year over year
For the 12th week in a row, the median listing price in the U.S. is less than or equal to what it was in the corresponding week of 2023. This summer has seen a consistent moderation in prices dating to data from June 1. Year to date, the share of listings with price reductions has been more in line with pre-pandemic levels than the past several years as the pace of sales has moderated, bringing more listings in line with buyers’ budgets.
- New listings—a measure of sellers putting homes up for sale—dipped this week by 0.2% from one year ago
The mortgage rate lock-in effect has been well-documented: Sellers are reluctant to move out of their homes that they purchased at lower mortgage rates, keeping resale listings off the market that might otherwise be there if market-rate mortgages were more affordable.
Despite rates falling in early August, new listings are struggling to rebound as negative sentiment around selling a home persists.
- Active inventory increased, with for-sale homes 34.8% above year-ago levels
For the 41st consecutive week dating to November 2023, the number of listings for sale has grown year over year, and this week continues a string of growth rates in the mid-30% range that started in April. Combined with the fact that new listings are falling, the overall inventory level growing is a testament to the slower pace of sales we’ve seen all summer.
To put it into perspective, though, total listings are still well below 2017–20 levels. Potential buyers are just starting to see the recovery in the number of options available to them post-pandemic.
- Homes spent 7 days more on the market compared with this time last year
Despite prices and mortgage rates falling, homes are taking a full week longer to sell this week than they were at this time last year. The summer months are typically the fastest-moving part of the year when it comes to the time a listing spends on the market, but 2024 was more active earlier in the year (hence being only 1 day slower year to date) and has slowed down in the second and third quarters relative to 2023.
This lack of activity should put continued downward pressure on listing prices, as sellers discount homes that have been tough to offload.
Data summary
| All changes year over year | Year-to-date 2024 | Week ending Aug. 3, 2024 | Week ending Aug. 10, 2024 | Week ending Aug. 17, 2024 |
| Median listing prices | -0.1% | -1.8% | -1.4% | -1.2% |
| New listings | 11.0% | 1.9% | -0.9% | -0.2% |
| Active listings | 27.4% | 35.9% | 35.5% | 34.8% |
| Time on market | 1 day slower | 7 days slower | 7 days slower | 7 days slower |