The housing market in 2025 seems more like a reset. 

With a couple of years of sticker shocks and scarce listings, the housing market has eased into something resembling balance. Inventories are rebuilding, buyers seem to be able to rethink (finally), and the market’s pace resembles the pre-2020 playbook rather than the auction-style chaos of recent memory.

Zooming in on the tape adds a lot of clarity as well. 

Active listings rebounded toward 1 million with homes sticking around much longer, a sign of cooling pressure. Moreover, price cuts are resurfacing in the fall, clustering around historical peaks for the season.

That context sets up Danielle Hale, chief economist at Realtor.com, to make a call with teeth. For context, she’s spent over 15 years decoding U.S. housing cycles and predicting markets, and this year, her team’s analysis spots a rare, time-boxed opening.

The team identifies a relatively brief stretch where listings swell up, competition thins out, and prices slip from their typical seasonal highs. 

A Realtor.com economist says a brief buyer advantage is taking shape.

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Economist Danielle Hale flags Oct. 12-18 as housing’s rare buying window

Realtor.com analysts Danielle Hale and Hannah Jones flagged a rare buying window for homebuyers, and it’s opening soon. 

Their latest report identifies October 12-18 as the best week of 2025 for home shoppers, presenting an incredible blend of favorable pricing, inventory, and negotiating leverage that we haven’t seen for nearly a decade.

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Listings that week are expected to jump 32.6% from January levels, as median prices trend 3.4% below summer peaks.

For context, that could potentially save buyers roughly $15,000 on a $439,000 home. Similarly, inventory has climbed back toward 1 million active listings, roughly 14% higher than the annual average.

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That relatively sluggish tempo gives buyers greater breathing room. In markets such as Denver, San Francisco, and Raleigh, listings have surged north of 20%, and price cuts hit 5.5% of homes, roughly double the pandemic norm.

“In a year that’s been the most buyer-friendly in nearly a decade, this October window offers the best combination of market conditions all year,” Hale said.

What homebuyers can do now

  • Get preapproved early: Sellers usually take offers a lot more seriously when financing is locked in.
  • Shop regionally: Conditions tilt earlier in Atlanta, Dallas, and Chicago, which is why it’s best to avoid waiting if your metro peaks before mid-October.
  • Track price cuts: Listings with recent markdowns surged 22% month-over-month last fall, a critical negotiation point.
  • Run affordability math: Each 0.5-point rate drop jacks up buying power by nearly 5%.

Housing in 2025 has been about a slower tape but clearer tells

It’s fair to say that the U.S. housing market feels like it has finally cooled to a sustainable simmer. 

Following years of a post-pandemic whiplash, price growth slowed in 2025. The S&P CoreLogic Case-Shiller Index increased by just 1.7% year-over-year in July, a dramatic downshift from the double-digit surges we saw during the height of the pandemic.

Resale activity tells the same story. 

The National Association of Realtors (NAR) reports that existing-home sales dropped 0.2% in August. The Midwest and West continued to gain ground, though, while the Northeast and South softened.

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Additionally, homeowner vacancy rates nudged higher to 1.1% in the second quarter, which, although high, isn’t at crisis level.

Market internals also highlight a shift.

Redfin data show that the median home sat on the market for 48 days in September, which is its slowest pace since 2019. Months of supply surged to 4.4, and roughly one in five listings ended up cutting prices, while the sale-to-list ratio dropped to 98.4%. 

Builders remain a key wild card.

New-home sales rose 20.5% in August to an 800,000 annual rate, which is their best showing since early 2022. However, behind that pop, housing starts dropped to 8.5% and permits declined for a fifth straight month.

What are housing market analysts saying?

  • Late September – Lawrence Yun (National Association of Realtors, Chief Economist): He said a “second spring” could potentially emerge as mortgage rates ease and listings climb.
  • Late September – Morgan Stanley (Analysts James Egan & Ellen Zentner): They warned that with 30-year mortgage rates hovering above the 6.25% mark, as most homeowners pay under 4.25%, few are willing to sell, weighing down housing turnover.
  • Late August to Late September – Glenn Kelman (Redfin CEO): Observed buyers “responding” to summer inventory but said a full rebound is unlikely to come before 2026.
  • Early August – Carrie Wheeler (Opendoor CEO): Maintained a cautious tone, noting “housing market weakness will persist … no near-term catalyst,” while guiding for lower acquisitions and revenue into Q3–Q4.

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