Time on Market Grew by 4 Days, Marking Nearly Two Years of Slowing Sales Pace as Median List Price Fell 2.0% Year-over-Year.

AUSTIN, Texas, March 5, 2026 /PRNewswire/ -- The housing market continued to rebalance in February, with inventory growing for a 28th consecutive month of year-over-year gains; however, the pace of improvement continued to cool, highlighting a recovery that is losing steam and remains uneven across regions and price points, according to the February Monthly Housing Report from Realtor.com^®. This report also found in February, new listings grew 2.4% year over year, with declines in the storm-hit Northeast and stronger gains elsewhere.

"Inventory has improved for more than two years, but the momentum has faltered in recent months," said Danielle Hale, chief economist, Realtor.com^®. "Supply gains have been concentrated in the South and West and skewed toward homes priced below $500,000. While the Northeast and Midwest have seen growth, they remain significantly undersupplied. As we move toward the spring buying season with mortgage rates near 3.5-year lows, a key question is whether this thaw spurs more buyers or more sellers."

Active listings climbed 7.9% year over year in February, reaching 914,860 homes on the market. While inventory typically rises early in the year and ticks up 0.2% month over month, annual growth has slowed for nine straight months since peaking last spring. Nationally, housing supply remains 16.8% below typical 2017–2019 levels, a modest improvement from 17.2% in January, with the Northeast and Midwest still facing substantial shortfalls.

Metric	Feb-26	Change over Jan. 2026 (MoM)	Change over Feb. 2025 (YoY)	Change over Feb. 2019	Change over Feb. 2022
Median listing price	$403,450	0.9 %	-2.1 %	36.3 %	4.9 %
Active listings	914,860	0.2 %	7.9 %	-17.0 %	164.0 %
New listings	362,180	10.0 %	2.4 %	-11.7 %	-1.7 %
Median days on market	70	-9	4	-5	29
Share of active listings with price reductions	15.5 %	1.2	-1.3	-0.2	10.1
Median List Price Per Sq.Ft.	$223	1.2 %	-1.9 %	51.9 %	8.6 %

Where inventory is growing — and where it's not

All four major U.S. regions posted annual inventory gains in February, led by the West (+11.3%) and Midwest (+10.0%), followed by the South (+6.9%) and Northeast (+3.8%). Yet the longer-term recovery tells a different story. Compared with pre-pandemic norms, inventory in February remained 56.8% lower in the Northeast and 39.5% lower in the Midwest. In contrast, the South (-0.6%) and West (+1.1%) are now roughly in line with 2017–2019 levels.

At the metro level, 43 of the 50 largest markets saw inventory growth from a year ago, with the sharpest increases in Seattle (+38.5%), Louisville, Ky. (+27.3%) and San Jose, Calif. (+24.8%). Four metros, Denver (+81.9%), San Antonio (+69.4%), Seattle (+66.7%), and Austin, Texas (+52.2%), now have at least 50% more homes for sale than before the pandemic. Meanwhile, seven markets, including Hartford, Conn. (-82.1%) and Providence, R.I. (-61.1%), remain more than 50% below pre-pandemic inventory levels.

Since early 2024, inventory gains have been most pronounced at lower price tiers, particularly in the South and West. Homes priced under $500,000 have seen the strongest growth, underscoring both geographic and affordability divides in the housing recovery.

Storms disrupt February listing activity in Northeast, Strong Elsewhere

New listings grew by 2.4% year over year in February, totaling 362,180 homes. While new listings rose 10.0% month over month, a typical seasonal pattern, activity was dampened by winter storms that swept much of the country in late January and again hit the East Coast in late February.

Regionally, new listings rose in the Midwest (+7.4%), West (+5.8%), and South (+2.6%), but fell 7.8% in the storm-affected Northeast. Excluding the Northeast, new listings across the remaining regions were up 4.3% collectively, suggesting weather-related delays in the Northeast rather than a fundamental pullback in new seller activity.

Pending home sales increased 4.2% year over year, the largest annual gain since November 2024, likely supported in part by mortgage rates dipping and remaining at their lowest levels since 2022 since around mid-January.

Contract cancellations steady

Despite a more buyer-friendly backdrop, there are few signs that buyers are broadly walking away from deals in search of something better. In February, contract cancellations accounted for 7.2% of active listings, down slightly from a year earlier. Cancellations have fluctuated in recent years amid pandemic disruptions and mortgage rate volatility, tending to increase as uncertainty climbs or borrowing costs rise. So far, they have remained relatively stable through late 2025 and early 2026.

As the spring housing season approaches, the market remains in transition, with more homes available than in recent years, but a recovery that continues to plateau and diverge across regions and price tiers.

Momentum softens as homes take longer to sell

Homes spent a median of 70 days on the market in February — four days longer than a year ago and marking the 23rd straight month of slowing sales pace on an annual basis. Still, homes are selling eight days faster than pre-pandemic norms.

Nationally, the median list price fell 2.1% year over year to $403,450, while price per square foot declined 1.9%. Beneath the headline numbers, regional differences remain stark. Median list prices rose modestly in the Midwest (+0.2%) and were nearly flat in the Northeast (-0.1%), but declined in the South (-1.7%) and West (-2.2%). When adjusting for home size, price per square foot climbed 3.3% in the Northeast and 2.1% in the Midwest, even as it fell in the South and West.

Price reductions remained elevated but were less common than a year ago. In February, 15.5% of listings featured a price cut, down from 16.8% last year. Price cuts were least common in the inventory-constrained Northeast (8.4%) and more prevalent in the South (17.6%) and West (16.0%).

February 2026 Housing Overview of the 50 Largest Metros

Metro	Active Listing Count YoY	New Listing Count, YoY	Median List Price	Median List Price, YoY	Median List Price Per SF, YoY	Median Days on Market, YoY (Days)	Price- Reduced Share	Price- Reduced Share, YoY (Percentage Points)
Atlanta-Sandy Springs-Roswell, GA	9.0 %	-1.5 %	$404,052	1.3 %	0.2 %	-3	17.8 %	-2.7
Austin-Round Rock-San Marcos, TX	14.8 %	8.0 %	$455,000	-8.8 %	-6.4 %	10	20.0 %	-0.2
Baltimore-Columbia-Towson, MD	16.5 %	-4.6 %	$349,900	0.0 %	0.0 %	4	13.2 %	0.4
Birmingham, AL	10.0 %	7.0 %	$289,000	1.4 %	0.1 %	-1	14.0 %	-1
Boston-Cambridge-Newton, MA-NH	13.3 %	-3.0 %	$799,000	-4.8 %	1.0 %	10	8.6 %	-0.8
Buffalo-Cheektowaga, NY	-7.4 %	16.8 %	$249,900	0.0 %	4.9 %	-13	5.7 %	-0.3
Charlotte-Concord-Gastonia, NC-SC	24.6 %	11.4 %	$415,000	-1.1 %	-1.4 %	14	19.1 %	-1.8
Chicago-Naperville-Elgin, IL-IN	-1.1 %	1.4 %	$349,950	0.1 %	1.8 %	-3	10.3 %	-0.1
Cincinnati, OH-KY-IN	20.7 %	3.1 %	$338,841	4.3 %	2.2 %	2	14.2 %	0.2
Cleveland, OH	7.8 %	-2.4 %	$241,220	-0.2 %	0.4 %	3	12.5 %	-0.5
Columbus, OH	8.9 %	-3.0 %	$349,900	0.1 %	-0.8 %	6	17.6 %	-0.8
Dallas-Fort Worth-Arlington, TX	6.5 %	8.7 %	$411,000	-1.2 %	-1.8 %	1	21.0 %	-1
Denver-Aurora-Centennial, CO	15.9 %	8.1 %	$564,995	-1.3 %	-3.0 %	-6	18.4 %	-4.4
Detroit-Warren-Dearborn, MI	20.6 %	10.6 %	$235,000	-2.0 %	0.9 %	5	12.5 %	1.4
Hartford-West Hartford-East Hartford, CT	-7.8 %	-17.2 %	$444,950	2.6 %	-1.2 %	8	5.2 %	-0.8
Houston-Pasadena-The Woodlands, TX	14.3 %	1.5 %	$349,999	-2.2 %	-2.4 %	1	18.4 %	0.7
Indianapolis-Carmel-Greenwood, IN	24.8 %	8.4 %	$309,950	3.3 %	6.7 %	9	19.5 %	-0.1
Jacksonville, FL	-12.0 %	-10.3 %	$382,000	-1.6 %	-2.8 %	6	21.1 %	-5.5
Kansas City, MO-KS	19.7 %	26.8 %	$394,975	4.1 %	1.4 %	-18	10.8 %	0
Las Vegas-Henderson-North Las Vegas, NV	23.0 %	2.3 %	$464,950	-1.1 %	-2.5 %	6	18.2 %	-1
Los Angeles-Long Beach-Anaheim, CA	9.9 %	-2.9 %	$1,054,400	-5.8 %	-3.2 %	5	11.8 %	0
Louisville/Jefferson County, KY-IN	27.3 %	3.9 %	$300,000	-3.2 %	2.9 %	0	16.2 %	-0.8
Memphis, TN-MS-AR	9.0 %	12.6 %	$299,450	-8.7 %	-6.5 %	8	17.2 %	-2
Miami-Fort Lauderdale-West Palm Beach, FL	-3.2 %	-12.1 %	$499,999	-2.9 %	-2.1 %	9	16.6 %	-4
Milwaukee-Waukesha, WI	11.8 %	25.6 %	$372,450	-0.7 %	3.7 %	3	10.3 %	-1
Minneapolis-St. Paul-Bloomington, MN-WI	15.4 %	10.6 %	$422,400	-2.9 %	-1.2 %	-2	10.5 %	0.8
Nashville-Davidson--Murfreesboro--Franklin, TN	13.7 %	10.0 %	$527,225	-0.4 %	-0.9 %	6	14.9 %	-1.1
New York-Newark-Jersey City, NY-NJ	2.0 %	-11.6 %	$749,450	-2.3 %	-0.2 %	-1	6.2 %	0.3
Oklahoma City, OK	11.5 %	11.7 %	$315,000	0.0 %	-0.3 %	6	18.3 %	1.3
Orlando-Kissimmee-Sanford, FL	-0.2 %	-8.9 %	$415,000	-0.9 %	-2.4 %	8	20.7 %	-2.6
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	4.2 %	-5.9 %	$356,425	1.8 %	0.4 %	1	11.1 %	-0.7
Phoenix-Mesa-Chandler, AZ	11.3 %	-0.6 %	$494,998	-3.9 %	-1.9 %	-1	28.2 %	-2
Pittsburgh, PA	4.5 %	-8.6 %	$238,450	4.1 %	4.6 %	4	13.0 %	-1.2
Portland-Vancouver-Hillsboro, OR-WA	11.4 %	23.4 %	$572,400	-4.3 %	-2.0 %	-8	21.8 %	-0.8
Providence-Warwick, RI-MA	7.5 %	-22.5 %	$547,450	2.3 %	8.2 %	10	9.2 %	0.5
Raleigh-Cary, NC	15.2 %	1.5 %	$444,961	2.1 %	-0.9 %	7	14.8 %	-0.9
Richmond, VA	1.6 %	14.2 %	$429,900	0.1 %	2.0 %	-1	9.3 %	-1.2
Riverside-San Bernardino-Ontario, CA	1.7 %	-4.0 %	$588,389	-1.8 %	-1.1 %	0	15.6 %	-1.4
Sacramento-Roseville-Folsom, CA	8.2 %	-0.9 %	$601,795	-2.8 %	-0.4 %	3	13.7 %	0.3
St. Louis, MO-IL	10.8 %	4.7 %	$278,175	0.5 %	3.9 %	2	12.4 %	-0.3
Salt Lake City-Murray, UT	10.5 %	26.9 %	$550,000	-2.6 %	-2.2 %	-9	18.8 %	-1.7
San Antonio-New Braunfels, TX	15.3 %	-2.9 %	$319,990	-2.1 %	-4.1 %	3	22.6 %	-2.1
San Diego-Chula Vista-Carlsbad, CA	5.7 %	-2.2 %	$899,950	-5.3 %	-3.5 %	4	13.6 %	-1
San Francisco-Oakland-Fremont, CA	-4.0 %	-8.3 %	$907,000	0.8 %	-2.5 %	-1	9.0 %	-0.4
San Jose-Sunnyvale-Santa Clara, CA	24.8 %	2.5 %	$1,349,975	3.5 %	-0.9 %	2	8.0 %	0.8
Seattle-Tacoma-Bellevue, WA	38.5 %	20.3 %	$754,950	2.4 %	-0.1 %	1	12.6 %	1.4
Tampa-St. Petersburg-Clearwater, FL	5.3 %	-11.2 %	$399,900	0.2 %	-1.3 %	14	24.8 %	-2.6
Tucson, AZ	11.9 %	-5.2 %	$386,500	-2.4 %	-0.9 %	3	21.8 %	-2.3
Virginia Beach-Chesapeake-Norfolk, VA-NC	0.3 %	7.6 %	$400,000	1.9 %	2.3 %	1	13.7 %	-2.3
Washington-Arlington-Alexandria, DC-VA-MD-WV	21.1 %	11.8 %	$550,000	-5.2 %	-5.0 %	5	9.8 %	-1

Methodology

Realtor.com housing data as of February 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.

With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.

Methodology for cancellations: A contract cancellation is counted if a listing was pending on one day and then back to active the next. It may miss a few that have been entirely delisted.

About Realtor.com^®Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp (NASDAQ:NWS, NWSA]) [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, press@realtor.com

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SOURCE Realtor.com

Inventory Recovery is Plateauing: Realtor.com® February Monthly Housing Report