Realtor.com Listings Up 7.9% to 914,860 While Median Price Drops 2.1%
Realtor.com’s February report shows active listings climbed 7.9% year-over-year to 914,860 homes while median list price fell 2.1% to $403,450. Time on market expanded by four days to 70 days, marking a 23rd consecutive month of slowing sales pace as inventory gains plateaued in the Northeast and Midwest.
1. Active Listings and New Listings
In February active listings reached 914,860 units, up 7.9% year-over-year, while new listings increased 2.4% to 362,180 homes. Month-over-month active listings ticked up 0.2%, marking the ninth straight slowdown in annual growth since last spring.
2. Sales Pace and Pricing Dynamics
Median list price declined 2.1% year-over-year to $403,450, with median days on market extending to 70 days, four days longer than last year. Price-per-square-foot dipped 1.9% to $223, and 15.5% of listings featured price reductions.
3. Regional Variations in Inventory
Western and Midwest markets led inventory gains at +11.3% and +10.0% respectively, while the Northeast remained 56.8% below pre-pandemic norms despite a 3.8% annual rise. Four metros, including Denver and San Antonio, now exceed 50% more homes for sale than pre-pandemic.
4. Potential Impact on Realtor.com Segment
Slowing listing momentum and longer sales cycles could damp traffic and advertising revenue for Realtor.com, a News Corp subsidiary, as market imbalance persists across price tiers and regions heading into the spring season.