The US spring housing market held up more firmly than many expected in April, even as geopolitical tensions, gas prices and mortgage rates rattled consumers.
Realtor.com’s latest Monthly Housing Trends Report showed new listings edging up and asking prices slipping for a sixth consecutive month, a mix that pointed to sellers meeting buyers closer to halfway rather than retreating.
New listings and pricing reset
New listings rose 8.7% from March and 1.1% year over year, with the Northeast and Midwest leading the rebound.
Inventory‑starved markets in those regions posted annual gains of 9.4% and 6.6% respectively, while the South barely budged and the West slid.
At the national level, 477,116 homes came to market and active inventory climbed 4.6% from a year earlier, though it remained 11.8% below 2017–2019 norms.
“The worry going into April was that history would repeat itself,” Danielle Hale, chief economist at Realtor.com, said.
“Last spring, tariff‑driven uncertainty and recession fears hit in early April, sidelining sellers and buyers and setting up a cruel summer marked by parties too far apart to transact. This year, different triggers like the Iran conflict, spiking gas prices, surging mortgage rates have threatened the same outcome. The hope was that sellers would continue coming to market at the strong March pace, and that buyers would keep engaging despite the volatility. By those measures, April delivered.”
The national median list price stood at $425,000, up seasonally from March but down 1.4% from April 2025, while the median list price per square foot fell 2.4% year over year.
All four major regions posted annual price declines, with sharper pullbacks in previously overheated markets such as Memphis, Austin and Los Angeles.
Sellers price to move as days on market lengthen
Perhaps most notable for brokers and lenders, the share of active listings with a price cut dropped to 16.7%, 1.2 percentage points lower than a year earlier, even as list prices softened.
“Compared to last year, 2026 has seen both fewer price cuts and lower median list prices,” Jake Krimmel, senior economist at Realtor.com, said.
“That combination suggests sellers have internalized the generally more buyer‑friendly market conditions and are adjusting price expectations before listing rather than after. This is a meaningful behavioral shift.”
Homes spent a median 52 days on the market in April, two days longer than a year earlier but still about four days faster than pre‑pandemic norms, extending a two‑year trend of gradually lengthening marketing times.
Mortgage volatility eased, but didn’t disappear
On the financing side, 30‑year mortgage rates peaked near 6.46% in early April before easing below 6.30% by month‑end, remaining well under levels seen in April 2024 and April 2025.
Weekly surveys from the Mortgage Bankers Association showed purchase applications fluctuating but broadly stabilizing as buyers adjusted to mid‑6% borrowing costs.
“Although rates have eased from their peak in early April, they are still higher than earlier this year, but well below the past two Aprils,” Krimmel said.
“Between the rebound in mortgage purchase applications and the continued rise in new listings, it looked as though buyers were relatively unfazed by the volatility. Even so, a resolution to the recent geopolitical uncertainty would do a world of good for the U.S. consumer and homebuyer,” he said.
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