The housing market is ending the year on a stronger note than expected. Active listings are still 14–15% higher than last year, but supply has dropped about 5% over the past month as expirations and cancellations rose sharply. Buyers still have more choices than a year ago, but the recent pullback in supply gives sellers a bit more leverage.
Demand is improving as well. Under-contract activity is up 12% compared with last year, and closings are up nearly 5%. The month-over-month dip in sales simply reflects November having fewer working days, not weakening demand.
Prices remain steady. The average price per square foot is up 1.6% year-over-year, and the median sales price holds at $450,000. With lower mortgage rates and higher household incomes, affordability is slightly better than it was last December.
Overall, the broader market is finishing 2025 in better shape than anticipated. After a slower spring and summer, rising demand and easing supply point toward a more balanced, stable start to the new year.
