Prices held firm but a collapse in new listings kept inventory tight
The US housing market headed into spring with a familiar imbalance: prices that barely budged, homes that moved faster, and a sharp pullback in would‑be sellers.
New data from real estate intelligence platform Property Prospect, covering 20 metro areas including New York, Phoenix, Richmond and Tucson, showed a median sale price of $636,165. Prices edged up 0.3% in recent months.
Median days on market fell to 40, a 9.5% improvement. New listings, however, dropped to just 18,532 across the sample – a 57.9% decline that pointed to a severe squeeze in fresh supply.
These figures were drawn from the firm’s proprietary dataset and had not been independently verified or benchmarked against National Association of Realtors (NAR) or Redfin totals.
“Inventory constraints continue to shape housing market dynamics,” Levi Thornton, founder of Property Prospect, said.
“Prices remain relatively stable and homes are selling faster, but the sharp reduction in new listings is tightening supply and increasing competition among buyers.”
Inventory strain despite softer rates
National measures have painted a similarly constrained picture, even as borrowing costs eased. NAR recently reported that existing‑home sales started 2026 on a weak note at roughly a 3.9‑million annualized pace, with just over 1.2 million homes for sale. That's still well below pre‑pandemic norms and roughly a 3 to 4‑month supply by historical standards.
First American deputy chief economist Odeta Kushi stressed how much the market still depended on owners deciding to list.
“One of the most encouraging signals heading into the spring home‑buying season is the improvement in for‑sale inventory levels compared with last year,” Kushi said.
“For‑sale inventory in January was approximately 9 percent higher than a year ago – a meaningful shift in a market long defined by limited supply.”
Kushi added that “an uptick in new listings remains this missing ingredient to jumpstart the spring home‑buying season,” calling new listings “the lifeblood of the housing market.”
Single‑family and rental demand stayed firm
Within Property Prospect’s metro sample, single‑family homes remained the most competitive segment, with a median price of $805,060 and typical marketing time of 33 days.
Multifamily properties posted a median price of $781,895 and a 55‑day marketing period.
Tight for‑sale supply continued to spill over into rentals. Property Prospect’s dataset showed a national median rent of $2,178, up 0.3%, and a median leasing period of 20 days, with single‑family rentals averaging $2,730 and leasing in 19 days.
Studios averaged $1,344, one‑bedroom units $1,497 and three‑bedroom rentals about $2,700.
Investor calculus and regional gaps
For investors, Property Prospect estimated a current price‑to‑rent ratio of about 24.5, based on a median home price of $605,831 and median monthly rent of $2,059.
The platform’s coverage also underscored how conditions diverged by region, with markets in southern Arizona, central Virginia and the New York metro area showing very different mixes of supply, demand and pricing. That echoed recent data, which highlighted a spring market in which improving buying power and modestly better inventory still ran up against a shortage of owners willing to move.
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