A new report from Realtor.com shows that homes were sitting on the market for an average of 67 days in February, up from just 44 last year at the same time.

In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.

A new report shows that the supply of for-sale homes shot up in February, thanks largely to properties languishing on the market longer as buyers contended with affordability challenges.

The report, out Thursday from Realtor.com, notes that “the inventory of homes for sale continued to grow” last month and was ultimately up 67.8 percent compared to February 2022. Inventory also rose despite the fact that sellers put 15.9 percent fewer homes on the market last month compared to the same period last year, according to the report.

“In February, no regions saw an increase in selling activity,” the report adds.

The reason inventory is rising even as fewer homes go up for sale is because the average days on market has grown to 67, up from just 44 last year in February. In other words, homes are sitting unsold for longer. And the reason homes are sitting longer is that “buyers continued to face affordability constraints,” according to the report.

However, despite that lengthening time on market, the report notes that overall in the U.S. homes are still sitting on the market for less time than they were before the COVID-19 pandemic.


The median home price in February was up 7.8 percent year over year. That’s less growth than took place in January when prices climbed 9.7 percent, the report goes on to note.

Ultimately, the median listing price for U.S. homes in February was $415,000. That’s up from $406,000 in January, but the report also reads that it’s down from “a record high of $449,000” last June.

Credit: Realtor.com

Pending listings — or homes that have gone under contract — dropped in February by 24.7 percent. That’s an improvement over January’s year-over-year drop of 32.1 percent, and the report suggests that the improvement last month “could mean that the housing market is starting to stabilize at a relatively low level of existing home sales activity.”

However, any market stabilization could be upended if inflation and mortgage rates change in the coming months, the report also warns.

The U.S. is also seeing considerable regional variation in home supply. The South, for example, saw inventory rise 141.4 percent year over year in February. The West saw inventory rise 82.9 percent, followed by the Midwest at 36 percent and the Northeast at 20.3 percent.

Broken down by metro area, Kansas City had the longest average days on market in February at 97. It was followed by Pittsburgh at 89, New York at 84 and New Orleans at 71.

Homes in San Jose, California, experienced the shortest average days on market at 30.

The metros with the largest year-over-year jumps in inventory include Austin at 335.1 percent, Raleigh at 329.8 percent, and Nashville at 299.7 percent.

The metro area with the least amount of inventory growth in February was Hartford, Connecticut, where the number of homes for sale actually fell 8.8 percent. The metro area was the only one included in the report that saw negative inventory growth in February 2023 compared to February 2022.

Overall, however, the report ultimately notes that “despite high inventory growth compared to last year, most metros still have a lower level of inventory when compared to pre-pandemic years.”

Email Jim Dalrymple II

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription