Cooling home prices, stable inventory as buyers gain leverage

The U.S. housing market continues to show signs of cooling as listing prices ease and inventory levels remain steady, according to most recent HousingWire data.

As of Nov. 14, the median list price stood at $429,900, while new listings are entering the market at a median of $395,000.

Homes are spending an average of 118 days on the market, with a median of 77 days. Total inventory sits at 839,506 properties — a slight decline of 0.3% from the previous week. The price per square foot has dipped to $211, continuing a gradual softening trend.

About 42% of properties on the market have had a price reduction, while just 2% have seen price increases. Another 10% of listings have been relisted.

Inventory levels have hovered between 840,000 and 860,000 properties in recent weeks, contributing to a sense of stability. The national median price has slipped from $445,000 over the past two months.

A balanced market, with some exceptions

HousingWire’s Market Action Index (MAI) sits at 34, signaling a broadly balanced market for buyers and sellers.

The index measures balance between supply and demand in the active market, ranging from 0–100. The higher the number, the hotter the market.

Among major metros, Los Angeles–Long Beach–Santa Ana, Calif., leads in total market value at $35.5 billion across 11,346 properties. Miami–Fort Lauderdale–Pompano Beach, Fla., follows at $32.8 billion with nearly 16,000 properties.

The New York–Northern New Jersey–Long Island region ranks third with $22 billion in value across 16,768 listings.

Florida continues to dominate at the state level — generating $93.2 billion in sales volume from more than 95,000 properties, with a median price of $485,000. California ranks second with $81.9 billion in volume. Texas, Colorado and North Carolina round out the top five.

Markets with highest Market Action Index readings include San Francisco (50.8) and Riverside–San Bernardino, Calif., (49.3).

Cape Coral–Fort Myers, Naples–Marco Island, Fla., and San Antonio represent the coolest markets, with MAI readings in the high 20s.

West Coast, Texas metros lead in price, inventory

San Diego tops the list of highest median home prices at $1.2 million, followed by San Francisco at $1.15 million and Seattle at $850,000.

Houston, Dallas-Fort Worth and Atlanta have the largest inventories. Markets with an MAI above 40 continue to show faster transaction activity.

Weekly trends point to relatively consistent market behavior nationwide.

Recent new listings are typically falling between 57,000 and 65,000 per week — while 75,000 to 92,000 properties are absorbed through sales or withdrawals.

With the national MAI at 34, signs point toward the housing market is sitting in largely neutral territory.