Housing Supply Overview
Although mortgage rates have edged down, U.S. pending home sales were unchanged from the previous month, with contract activity remaining 0.9% lower than a year ago, according to the National Association of REALTORS®. Contract signings increased both month-over-month and year-over-year in the Northeast and South, while the Midwest and West posted declines. For the 12-month period spanning November 2024 through October 2025, Pending Sales in the Western Upstate Association of REALTORS® region increased 5.4 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales were up 29.2 percent.
The overall Median Sales Price increased 2.5 percent to $310,000. The property type with the largest gain was the Condos segment, where prices went up 2.6 percent to $249,945. The price range that tended to
sell the quickest was the $150,000 and Below range at 60 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 89 days.
Market-wide, inventory levels went up 43.7 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale increased 46.7 percent. That amounts to 4.7 months of inventory for Single-Family Homes and 4.7 months of inventory for Condos.
Monthly Indicators
U.S. existing-home sales climbed 1.5% month-over-month and 4.1% year-over-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
New Listings were up 26.3 percent to 788. Pending Sales decreased 18.8 percent to 376. Inventory grew 43.7 percent to 2,471 units.
Prices moved higher as Median Sales Price was up 0.3 percent to $311,000. Days on Market increased 15.4 percent to 75 days, the eleventh consecutive month of year-over-year gains. Months Supply of Inventory was up 34.3 percent to 4.7 months, the eleventh consecutive month of year-over-year gains.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6-month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
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