The U.S. housing market is entering spring with improving demand and rising supply, but the balance of power is shifting at the metro level.
Weekly pending home sales returned to year-over-year growth at 59,283, up from 56,693 during the same week last year. New listings increased to 60,428, compared to 53,861 a year ago. Active inventory climbed to 700,259 homes.
Nationally, the absorption rate slipped to 9.68%, down from 10.21% the prior week, while months of inventory rose to 2.7 months. The share of listings with price reductions declined modestly year over year to 31.9%, from 33%.
Those national figures suggest stabilization. But beneath the averages, metro-level differences in market speed are widening. That shift is beginning to influence leverage heading into peak spring activity.
Absorption speed is separating markets
Absorption measures how quickly inventory is being removed from the market relative to what’s available. For housing professionals, that metric is one of the clearest signals of negotiating power in real time.
When absorption is elevated, homes clear quickly and sellers retain leverage. When absorption falls and supply builds, timelines stretch and buyers gain negotiating flexibility.
Northeast metros clearing inventory faster
Several Northeast metro areas are posting absorption rates near or above 18%, including the Boston metro (56 days on market), Washington, D.C., metro (77 days), Baltimore metro (77 days) and Philadelphia metro (77 days).
The Boston metro’s 56-day median time on market — compared to the 91-day national median — signals faster turnover despite seasonal headwinds. These markets are operating with roughly 1.3 to 1.5 months of supply, reinforcing seller leverage heading into peak spring activity.
Higher absorption rates typically reflect tighter inventory conditions and reduced pricing pressure, even as national supply expands.
Florida and Texas metros show slower turnover
Conditions are markedly different in parts of the Sun Belt, where several Florida and Texas metro areas are operating with 3.9 to 5.0 months of supply.
In the Cape Coral–Fort Myers metro, listings are averaging 119 days on market — 28% longer than the national median — and 39.4% of homes have taken price reductions. The metro has a 5.44% absorption rate. Other markets including the Naples metro (4.98% absorption), Miami metro (6.47%) and Houston metro (6.97%) are clearing inventory at a significantly slower pace.
“When you see absorption dip below balanced levels, inventory starts to accumulate faster than it clears,” said Logan Mohtashami, HousingWire’s lead housing analyst, in his weekly Housing Market Tracker.
Extended marketing times and elevated price reductions indicate shifting leverage in those markets as supply outpaces demand.
Spring supply returns, but impact varies
New listings returning to year-over-year growth suggests sellers are reentering the market ahead of peak season.
“I am hoping for the new listings data to range between 80,000 and 100,000 per week during the seasonal peak periods, as it did from 2013-2019,” Mohtashami said.
Whether that additional supply reinforces stability or increases pricing pressure will depend largely on local absorption rates. In higher-velocity markets, new listings are being absorbed efficiently. In slower markets, added inventory may extend timelines and increase concessions.
Why this matters for valuation and deal strategy
Velocity gaps also affect appraisal and underwriting decisions. In higher-absorption Northeast markets, recent comparable sales may not fully reflect current momentum if turnover remains rapid. In slower Sun Belt markets, extended days on market suggests more time-sensitive adjustments in comparable selection.
For brokers, lenders and investors, absorption speed is increasingly becoming a forward-looking signal — not just a descriptive metric.
The bottom line
The national market remains broadly stable, but metro-level differences in absorption and months of supply are creating distinct spring conditions across the country.
In parts of the Northeast, faster turnover is reinforcing seller leverage. In several Florida and Texas metros, slower absorption and rising inventory are improving buyer negotiating power.
For deeper context on rates, demand signals and the macro backdrop shaping early-2026 housing activity, read HousingWire’s Housing Market Tracker weekly analysis. To track real-time data in national and local markets, request access to HousingWire Intelligence. HousingWire used HousingWire Data to source this story. This article is based on single-family residence data through Feb. 20, 2026. For enterprise clients looking to license the same market data at a larger scale, visit HW Data.
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