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US single-family inventory hits pre-pandemic level, price cuts near 39%
June’s new listings slightly outpaced pending contracts, and nearly 9% of active homes were relisted after being taken off market.
U.S. single-family home inventory has returned to pre-pandemic levels, averaging 823,902 units in June, up from 628,000 in June 2024, according to HousingWire Data.
The report said new listings totaled 310,221, narrowly exceeding 299,502 newly pending contracts, suggesting supply has been building faster than buyers are converting it into offers.
HousingWire reports that about 39% of active listings had price cuts as of the week ending June 26, rising from 38% at the month’s beginning, and higher than a typical 30% to 35% range.
HousingWire also notes that around 9% of properties had been relisted after previously being taken off the market, while eXp Realty Chief Brokerage Officer Holly Mabery attributed seller price recalibration to buyers’ greater focus on overall housing costs, including higher interest rates, repairs, utilities, and insurance.