Key facts
- For every 100 new single-family listings nationally, 86 went under contract in the week ending Sept. 18.
- This ratio is down from 96 pending sales per 100 new listings the prior week.
- New listings rose 9.6% year-over-year to 72,616 in the week ending Sept. 18.
- Pending sales fell 3.2% year-over-year to 62,300 in the same week.
- Active inventory increased 3.2% year-over-year to 890,303 single-family homes.
- Months of inventory surpassed 3.0 for the first time in 12 weeks.
The relationship between new home listings and pending sales has shifted, with pending sales absorbing less new supply than in the previous year, according to data for the week ending Sept. 18. Nationally, for every 100 new single-family listings that came to market, 86 went under contract, a decrease from 96 the week prior and 97 in the comparable week of 2025. This widening gap suggests that if new listings continue to outpace pending sales, active inventory could accumulate, potentially leading to increased competition for sellers.
New listings saw a significant rebound, increasing 9.6% year-over-year to 72,616 during the week ending Sept. 18. In contrast, pending sales declined 3.2% year-over-year to 62,300. While both figures rebounded from the Labor Day holiday week, the stronger recovery in new supply compared to pending activity is notable. This trend has been developing over the past six weeks, with pending sales consistently absorbing less new supply than the previous year, though the most recent week showed a more pronounced break from the recent range.
Active inventory has risen 3.2% year-over-year to 890,303 single-family homes, and months of inventory crossed the 3.0 mark for the first time in 12 weeks. While these figures alone do not signal a dramatic shift, they align with the flow data indicating a potential build-up of inventory. Price reductions on active listings are also slightly ahead of last year, with 42.1% of listings seeing a price cut compared to 41.5% in the comparable week of 2025, though this difference is not yet indicative of broad seller stress. Days on market, however, has not shown a significant year-over-year shift, remaining at a median of 70 days, suggesting the current increase in market time is seasonal rather than indicative of a persistent demand weakening.
Local market data, such as Denver, shows a more pronounced gap between new listings and pending sales compared to last year, while Dallas shows a more stable relationship. HousingWire Intelligence offers tools to analyze these trends at a metro or ZIP code level over a three-month period to distinguish seasonal movements from broader market changes.