Active listings climbed 7.9% year-over-year to 914,860 homes, while new listings increased 2.4%. Median list price dropped 2.1% to $403,450, and median days on market extended by four days to 70, marking nearly two years of decelerating sales pace on the platform.

All four major U.S. regions posted annual gains, led by the West (+11.3%) and Midwest (+10.0%), but the Northeast remains 56.8% below pre-pandemic norms and the Midwest 39.5% below. Thirty-four of the 50 largest metros saw inventory growth, with Seattle, Louisville, and San Jose leading year-over-year increases.

Slowing inventory momentum and price declines could pressure listing revenues and advertising rates on Realtor.com. The uneven recovery across regions and price tiers may force strategic adjustments in marketing spend and product features to sustain user engagement and monetization.