Spring Housing Market Holds Its Ground Despite Economic Headwinds, According to Realtor.com® April Housing Report
Prices Fall for a Sixth Straight Month, and Fewer Price Cuts Signal Sellers are Coming to Market More Realistic Pricing
"The worry going into April was that history would repeat itself," said
|
Metric |
|
Change over
|
Change over |
Change over |
Change over |
|
Median listing price |
|
2.3 % |
-1.4 % |
34.9 % |
1.3 % |
|
Active listings |
1,002,935 |
4.0 % |
4.6 % |
-11.8 % |
163.9 % |
|
New listings |
477,116 |
8.7 % |
1.1 % |
-13.6 % |
-3.7 % |
|
Median days on market |
52 |
-6 |
2 |
-2 |
22 |
|
Share of active listings with price reductions |
16.7 % |
0.5 |
-1.2 |
2.3 |
9.9 |
|
Median List Price Per Sq.Ft. |
|
1.1 % |
-2.4 % |
50.3 % |
3.8 % |
New Listings Grow Despite Geopolitical Worry
New listings rose 8.7% month over month and 1.1% year over year in April. The gains were especially pronounced in the Northeast (+9.4% year over year) and Midwest (+6.6%), two regions that have struggled with tight inventory for years. The South and West posted much more modest movement (+0.6% and -3.5%, respectively). At the metro level,
The strength of new listings is particularly meaningful given what happened a year ago. Last spring, seller activity collapsed almost immediately when economic uncertainty hit, setting up a season where buyers and sellers were simply too far apart to transact. April's results suggest that this year's sellers — particularly in the inventory-starved Northeast and Midwest — are choosing engagement over retreat.
Prices Fall for Sixth Straight Month; Sellers Pricing to Move
The national median list price was
Year-over-year median list price declines were recorded across all four major regions, ranging from -3.1% in the West to -0.1% in the Midwest. The sharpest declines were concentrated in the South and West: Memphis (-12.9%), Austin (-9.5%), and
Perhaps the most telling price signal in April came from what did not happen: price cuts fell rather than spiked. The share of active listings with a price reduction declined 1.2 percentage points year over year to 16.7% — even as overall list prices continued to soften.
"Compared to last year, 2026 has seen both fewer price cuts and lower median list prices," said
Active Inventory Continues to Rise, Though Growth Is Decelerating
Active listings rose 4.6% year over year to 1,002,935 in April, a continued improvement even as the pace of growth has moderated from last month's 8.1% gain. National inventory remains 11.8% below typical 2017–2019 pre-pandemic levels, down from a 13.8% deficit last month.
Notably, new listings growth is slightly accelerating while active inventory growth is decelerating — a divergence that implies fresher inventory cycling through the market. Whether that translates into more sales will be the key question for May.
Homes Still Taking Longer to Sell — But Market Remains Faster Than Pre-Pandemic
In April, the median home spent 52 days on market, two days longer than a year ago — marking the 25th consecutive month of year-over-year deceleration in the pace of sales. Even so, homes are still selling four days faster than pre-pandemic norms. Time on market edged higher across all three of the four regions (Midwest +3; South +3; West +4 days) and dropped in the Northeast (-1 day.)
Mortgage Rate Volatility Fades; Buyers Remain Engaged
After peaking at 6.46% on
"Although rates have eased from their peak in early April, they are still higher than earlier this year, but well below the past two Aprils," said Krimmel. " Between the rebound in mortgage purchase applications and the continued rise in new listings, it looks as though buyers are relatively unfazed by the volatility. Even so, a resolution to the recent geopolitical uncertainty would do a world of good for the
Looking Ahead to May
The key variables to monitor heading into May are whether new listing momentum holds — particularly in the Northeast and Midwest, where those gains are critical to breaking the high-price, low-inventory lock-in cycle — and whether lower list prices translate into more pending sales. New listings growth is accelerating while active inventory growth is decelerating, a gap that implies more sales and fresher inventory. May's pending sales data will confirm whether the price correction is working.
"It's too early to declare the spring housing market has weathered the storm, but there's renewed reason for cautious optimism," said Krimmel. "The leading indicators that would signal trouble — seller pullback, spiking cancellations, surging price cuts — are, if anything, moving in the right direction. New listings are up, contract cancellations are normal, and seller price cuts that can reveal concern are down."
|
Region |
Active |
New Listing |
Median List |
Median List |
Median List |
Median Days |
Price |
Price |
|
Northeast |
9.3 % |
9.4 % |
|
-2.3 % |
-0.3 % |
-1 |
10.2 % |
0.4 |
|
Midwest |
11.5 % |
6.6 % |
|
-0.1 % |
1.3 % |
3 |
13.4 % |
0.6 |
|
South |
1.8 % |
0.6 % |
|
-2.6 % |
-3.4 % |
3 |
18.8 % |
-1.8 |
|
West |
5.8 % |
-3.5 % |
|
-3.1 % |
-1.7 % |
4 |
17.9 % |
-1.1 |
|
National |
4.6 % |
1.1 % |
|
-1.4 % |
-2.4 % |
2 |
16.7 % |
-1.2 |
|
Metro |
Active |
New |
Median |
Median |
Median |
Median |
Price |
Price |
|
|
4.3 % |
-4.1 % |
|
2.4 % |
-0.2 % |
3 |
19.5 % |
-1.4 |
|
|
-0.2 % |
-13.5 % |
|
-9.5 % |
-7.7 % |
7 |
23.6 % |
-2.3 |
|
|
11.3 % |
3.6 % |
|
-3.1 % |
-0.8 % |
3 |
14.9 % |
1.5 |
|
|
7.5 % |
2.5 % |
|
-0.1 % |
0.8 % |
2 |
16.3 % |
0.2 |
|
|
13.9 % |
-3.8 % |
|
-5.2 % |
0.3 % |
0 |
12.0 % |
-0.1 |
|
|
20.5 % |
-0.4 % |
|
-5.4 % |
0.4 % |
2 |
5.4 % |
-1.1 |
|
|
20.4 % |
6.2 % |
|
-2.2 % |
-1.8 % |
3 |
21.0 % |
-0.1 |
|
|
-2.6 % |
-5.2 % |
|
0.7 % |
0.9 % |
1 |
10.1 % |
-0.4 |
|
|
26.5 % |
13.7 % |
|
0.0 % |
-0.3 % |
3 |
14.8 % |
1.7 |
|
|
9.2 % |
7.8 % |
|
-2.0 % |
1.9 % |
1.5 |
13.4 % |
0.4 |
|
|
12.7 % |
18.0 % |
|
-1.3 % |
-1.5 % |
4.5 |
17.2 % |
-1.6 |
|
|
0.1 % |
-5.9 % |
|
0.0 % |
-1.8 % |
2.5 |
22.1 % |
-3.7 |
|
|
0.5 % |
-12.6 % |
|
-2.1 % |
-3.2 % |
3.5 |
24.3 % |
-2.8 |
|
|
20.0 % |
6.7 % |
|
-1.8 % |
0.5 % |
2.5 |
13.5 % |
0.9 |
|
|
-6.9 % |
-4.2 % |
|
2.5 % |
-1.4 % |
-5 |
6.2 % |
-0.4 |
|
|
6.9 % |
-3.5 % |
|
-2.7 % |
-2.3 % |
4.5 |
18.2 % |
-1.0 |
|
|
32.4 % |
21.1 % |
|
-3.3 % |
5.4 % |
0.5 |
19.9 % |
0.1 |
|
|
-21.3 % |
-8.1 % |
|
-1.2 % |
-2.4 % |
1 |
22.6 % |
-5.1 |
|
|
26.1 % |
-2.5 % |
|
3.3 % |
0.3 % |
-6 |
11.1 % |
-1.5 |
|
|
12.1 % |
-8.8 % |
|
0.0 % |
-2.2 % |
7.5 |
21.6 % |
0.3 |
|
|
6.8 % |
-3.3 % |
|
-8.1 % |
-3.3 % |
2 |
13.2 % |
-1.1 |
|
|
33.9 % |
19.2 % |
|
-4.2 % |
0.8 % |
-0.5 |
17.7 % |
3.0 |
|
|
16.4 % |
9.9 % |
|
-12.9 % |
-5.8 % |
-2 |
22.3 % |
1.6 |
|
|
-12.9 % |
-7.2 % |
|
-2.1 % |
-1.6 % |
5 |
15.7 % |
-4.4 |
|
|
18.3 % |
14.3 % |
|
1.9 % |
3.4 % |
6.5 |
9.4 % |
0.7 |
|
|
16.5 % |
10.7 % |
|
-3.3 % |
-0.9 % |
0.5 |
12.2 % |
1.6 |
|
|
15.7 % |
7.3 % |
|
-1.9 % |
-1.2 % |
3 |
18.7 % |
-0.1 |
|
|
6.2 % |
11.4 % |
|
-2.1 % |
-1.3 % |
-4 |
8.3 % |
0.6 |
|
|
7.9 % |
6.5 % |
|
-0.8 % |
-0.7 % |
8.5 |
19.1 % |
0.7 |
|
|
-4.0 % |
-9.0 % |
|
-1.4 % |
-3.3 % |
6 |
20.8 % |
-2.6 |
|
|
11.2 % |
9.9 % |
|
-0.7 % |
0.0 % |
0.5 |
13.0 % |
0.5 |
|
|
-0.2 % |
-4.9 % |
|
-5.0 % |
-1.7 % |
5 |
29.1 % |
-2.2 |
|
|
9.7 % |
10.5 % |
|
2.0 % |
2.7 % |
3.5 |
14.6 % |
-1.1 |
|
|
7.2 % |
-6.1 % |
|
-5.7 % |
-2.7 % |
2.5 |
24.0 % |
0.7 |
|
Providence- |
7.7 % |
3.8 % |
|
-1.3 % |
7.5 % |
-2.5 |
8.0 % |
-0.1 |
|
|
9.9 % |
3.6 % |
|
-0.3 % |
-2.0 % |
1 |
19.0 % |
-1.1 |
|
|
4.7 % |
6.3 % |
|
-2.0 % |
2.2 % |
1.5 |
10.5 % |
0.6 |
|
|
-0.4 % |
-5.6 % |
|
-1.0 % |
-2.3 % |
2.5 |
16.0 % |
-2.4 |
|
|
2.6 % |
-5.7 % |
|
-0.8 % |
-0.2 % |
0.5 |
16.6 % |
-1.3 |
|
Salt |
4.8 % |
2.5 % |
|
-3.9 % |
-0.1 % |
0.5 |
20.9 % |
-3.1 |
|
|
9.5 % |
7.3 % |
|
-4.5 % |
-5.8 % |
-4.5 |
24.9 % |
-0.7 |
|
|
-0.1 % |
-5.5 % |
|
-4.7 % |
-4.1 % |
1 |
14.9 % |
-2.9 |
|
|
-12.9 % |
-1.5 % |
|
0.3 % |
-3.0 % |
-2 |
11.4 % |
-2.0 |
|
|
8.6 % |
0.9 % |
|
-0.1 % |
-2.5 % |
3.5 |
13.1 % |
1.1 |
|
|
32.3 % |
2.4 % |
|
-0.8 % |
-3.0 % |
4 |
16.2 % |
1.8 |
|
|
14.8 % |
4.6 % |
|
-3.1 % |
1.1 % |
3.5 |
13.8 % |
0.4 |
|
|
-7.0 % |
-15.7 % |
|
-0.9 % |
-2.8 % |
9.5 |
25.1 % |
-4.2 |
|
|
2.1 % |
-13.9 % |
|
-2.6 % |
-2.0 % |
7 |
23.4 % |
-0.1 |
|
|
4.0 % |
23.8 % |
|
3.7 % |
2.2 % |
-0.5 |
15.6 % |
-0.4 |
|
|
11.2 % |
4.9 % |
|
-6.1 % |
-3.6 % |
4 |
12.8 % |
-0.9 |
Methodology
Realtor.com housing data as of
Beginning with our
With the release of its
Methodology for cancellations: A contract cancellation is counted if a listing was pending on one day and then back to active the next. It may miss a few that have been entirely delisted.
About Realtor.com
®
Realtor.com
® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by
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SOURCE Realtor.com
