Core Insights - The real estate market is experiencing a stand-off between buyers and sellers, with active inventory increasing while delistings are also on the rise, indicating sellers' impatience with the market conditions [1][2][7] Market Dynamics - Active inventory rose 28.1% year-over-year, reaching a post-pandemic high, while delistings increased by 47% year-over-year in May, suggesting a growing trend of sellers withdrawing listings [1][7] - The ratio of delistings to new listings reached 13% in spring 2025, indicating that for every 100 new listings, approximately 13 homes were pulled from the market [9] Pricing Trends - The national median listing price remained stable at $440,950, reflecting a slight increase of 0.1% from the previous year, despite a significant number of price reductions [6][5] - In June, 20.7% of listings experienced price reductions, marking the highest share for any June since at least 2016 [5] Regional Insights - Inventory growth was observed across all four major U.S. regions, with the West seeing a 38% increase and the South nearly 30% [4] - Las Vegas and Washington, D.C. led the top 50 metros in active inventory gains, with increases of 77.6% and 63.6% year-over-year, respectively [4] Seller Behavior - Many sellers are holding out for peak prices, leading to a cautious approach in adjusting expectations, as they prefer to withdraw listings rather than lower prices [2][11] - The market has shifted from urgency to a more balanced dynamic, with both buyers and sellers recalibrating their strategies [11]

Core Insights - Homebuyers in the U.S. set a new record for down payments in 2024, with significant increases in the Northeast and Midwest, while declines were observed in several Southern and Western states [1][2][3] Down Payment Trends - Delaware experienced the highest increase in median down payments at 38.6%, reaching $49,000, followed by Rhode Island at 32.8% and Maine at 32.0% [1][3] - In contrast, states like Texas and Florida saw substantial declines in down payments, with Texas down 16.5% to $15,350 and Florida down 14.1% to $27,566 [4][12] Regional Dynamics - The Northeast and Midwest are characterized by intense buyer demand and significant housing supply gaps, leading to higher prices and competitive market conditions [4][12] - Only eight out of the 50 states reported falling down payments in 2024, indicating a generally competitive market across the country [10] Metro-Level Analysis - The San Diego metro area saw the largest increase in down payments, with a 33.7% rise, while other metros like Cincinnati and New Orleans also reported significant increases [5][7] - Conversely, Cape Coral, Florida, experienced the largest decline in down payments at 31.2%, attributed to stagnant home prices [9][11] Future Outlook - Down payments are expected to remain high in competitive regions with limited inventory, while markets in the South and West may continue to experience softening trends [12]