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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. When assessing home price momentum, ResiClub believes it’s important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate pricing softness or weakness. Conversely, a rapid decline in active listings beyond seasonality could suggest a market that is heating up. Since the national Pandemic Housing Boom fizzled out in 2022, the national power dynamic has slowly been shifting directionally from sellers to buyers. Of course, across the country that shift has varied. Generally speaking, local housing markets where active inventory has jumped above pre-pandemic 2019 levels have experienced softer home price growth (or outright price declines) over the past 36 months. Conversely, local housing markets where active inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced more resilient home price growth over the past 36 months. Where is national active inventory headed? National active listings are on the rise on a year-over-year basis (+12.1% between December 2024 and December 2025). This indicates that homebuyers have gained some leverage in many parts of the country over the past year. Some sellers markets have turned into balanced markets, and more balanced markets have turned into buyers markets. Nationally, were still below pre-pandemic 2019 inventory levels (-5.5% below December 2019) and some resale markets, in particular chunks of the Midwest and Northeast, still remain tight-ish. While national active inventory is still up year-over-year, the pace of growth has slowed in recent monthsmore than typical seasonality would suggestas some sellers have thrown in the towel and delisted in weak/soft markets. December inventory/active listings total, according to Realtor.com: December 2017 -> 1,127,799 December 2018 -> 1,185,865 December 2019 -> 1,033,887 December 2020 -> 612,300 (Pandemic Housing Boom overheating) December 2021 -> 445,303 (Pandemic Housing Boom overheating) December 2022 -> 680,925 December 2023 -> 714,176 December 2024 -> 871,509 December 2025 -> 976,833 If we maintain the current year-over-year pace of inventory growth (+105,324 homes for sale), we’d have 1,082,157 active inventory come December 2026. Below is the year-over-year active inventory percentage change by state. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); While active housing inventory is rising in most markets on a year-over-year basis, some markets still remain tight-ish (although it’s loosening in those places too). As ResiClub has been documenting, both active resale and new homes for sale remain the most limited across huge swaths of the Midwest and Northeast. Thats where home sellers next spring are likely, relatively speaking, to have more power than their peers in many Southern markets. In contrast, active housing inventory for sale has neared or surpassed pre-pandemic 2019 levels in many parts of the Sun Belt and Mountain West, including metro area housing markets such as Punta Gorda and Austin. Many of these areas saw major price surges during the Pandemic Housing Boom, with home prices getting stretched compared to local incomes. As pandemic-driven domestic migration slowed and mortgage rates rose, markets like Punta Gorda and Austin faced challenges, relying on local income levels to support frothy home prices. This softening trend was accelerated further by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives (if they have the margins to do so) to maintain sales in a shifted market, which also has a cooling effect on the resale market: Some buyers, who would have previously considered existing homes, are now opting for new homes with more favorable dealswhich then puts some additional upward pressure on resale inventory. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); At the end of December 2025, 17 states were above pre-pandemic 2019 active inventory levels: Alabama, Arkansas, Arizona, Colorado, Florida, Georgia, Hawaii, Idaho, Nebraska, Nevada, North Carolina, Oklahoma, Oregon, Tennessee, Texas, Utah, and Washington. (The District of Columbiawhich we left out of this analysisis also back above pre-pandemic 2019 active inventory levels too. Softness in D.C. propers predates the current admins job cuts.) window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Big picture: Over the past few years weve observed a softening across many housing markets as strained affordability tempers the fervor of a market that was unsustainably hot during the Pandemic Housing Boom. While home prices are falling some in pockets of the Sun Belt, a big chunk of Northeast and Midwest markets still eked out a little price appreciation in 2025. Nationally aggregated home prices were pretty close to flat in 2025. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Below is another version of the table abovebut this one includes every month since January 2017. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}});
Category:
E-Commerce
There are many made-up celebrations these days, but at least National Pizza Week delivers something tasty. Coming in hot on the heels of so-called quitters day, when many people abandon their New Years resolutions, pizza shops around the U.S. will be tossing around some deals that could save customers some dough. Of course, many people dont need an excuse to eat pizzaon any given day, about 11% of Americans do so, according to a study released in 2024 by the U.S. Department of Agriculture. Americans grappling with the high cost of living got some relief as inflation cooled in November, but that doesnt mean that food prices have come downand particularly for families, some of these promotions can be very helpful in stretching their budgets. Several of the national chains will be serving up for National Pizza Week, which runs through Saturday. DEALS SPECIFIC TO NATIONAL PIZZA WEEK A few pizza chains with locations around the U.S. are running specials that are specifically tied to National Pizza Week, and may require membership in their loyalty programs to take advantage. At Chuck E. Cheese, for example, members of its fun pass get an exclusive deal: $5 for a large one-topping pizza through January 15. Meanwhile, California Pizza Kitchen is offering members of its loyalty program $5 pizzas with any $25 purchase. Caseys is offering 25% off any pizza through January 17, though you will need to know the (very intuitive) code PIZZAWEEK to score this deal and Papa Murphys has a similar deal of 30% off regular-priced pizzas with the code PZWK26. Finally, Marcos Pizza is running a promotion for takeout orders this week of $3 off any large specialty pizza, with no code required. OTHER PIZZA DEALS Its sometimes hard to know what full price is for many food items at the largest pizza chains because they seem to always be running some sort of deal or other. And, indeed, the three pizza chains with the most locations in the U.S.Dominos, Pizza Hut, and Little Caesarsall have some deals on pizza that are running this week, though dont appear to be explicitly tied to the National Pizza Week festivities. At the 7,000-plus Dominos locations in the U.S., you should come hungry to score some of its best deals. For $6.99 each, customers can get a mix-and-match deal and choose any two itemslike medium pizzas, sides, and dessertsfor $6.99 each. For $7.99 each, you can instead opt for a one-topping pizza and an eight-piece order of wings or boneless chicken if you do carryout. For $9.99 each, you can choose from any two or more of its line of specialty pizzas. Finally, for $19.99, the Ann Arbor, Michigan-based chain is promising the perfect combo meal that includes two medium one-topping pizzas and two orders of 16-piece bread bites. Pizza Hut is in the midst of a comeback of sorts with an assist from former NFL Hall of Famer Tom Brady, who has been on TV commercials touting the chains Big New Yorker pizza, a 16-inch pizza thats currently on special for $10. Meanwhile, for $6.99, customers can opt for a hut box deal that includes choice of an entreea personal pan pizza, chicken wings, or a meltalong with a side of either fries or wings. The Plano, Texas-based chain also offers bigger meal deals, starting at $19.99, that might be enough to feed a family and include a mix of pizzas, sides, and choice of a dessert. Finally, Little Caesars is also running several promotions this week with prices that undercut its competitors. For $4.99 each, you can customize two one-topping pizzas from the Detroit-based chain through January 18. You can also score 15% orders of $15 or more or 20% off orders of $20 or more this week. However, to take advantage of all of these deals, you will need to know the deal-specific codes, which can be found on its website.
Category:
E-Commerce
The Trump administration’s criminal investigation of Federal Reserve Chair Jerome Powell appeared on Monday to be emboldening defenders of the U.S. central bank against the efforts of President Donald Trump to control the Fed. The backlash reflected the bigger stakes of a contest about the fate of the Feds independence, the balance of power within the federal government, and the path of the U.S. economy. Trump has long publicly lashed out against Powell for not slashing the Fed’s benchmark interest rates to his liking, but the prospect of a criminal indictment was a step too far for an institution that has an outsized influence on both inflation and the job market. Several Republican senators have condemned the Department of Justice’s subpoenas of the Fed, which Powell revealed Sunday and characterized as pretexts to pressure him to sharply cut interest rates as Trump has demanded. Powell also said the Justice Department has threatened criminal indictments over his June testimony to Congress about the cost and design elements of a building renovation. Trump has repeatedly used investigations which might or might not lead to an actual indictment to attack his political rivals, including Fed governor Lisa Cook, New York Attorney General Letitia James, and James Comey, the former FBI director. White House press secretary Karoline Leavitt told reporters that Trump did not direct his Justice Department to investigate Powell. One thing for sure, the president’s made it quite clear, is Jerome Powell is bad at his job,” Leavitt said. “As for whether or not Jerome Powell is a criminal, that’s an answer the Department of Justice is going to have to find out. A bipartisan group of former Fed chairs and top economists on Monday compared the Trump administration’s actions to moves made in more impoverished countries. Some analysts said that the financial market’s muted response reflects a widespread belief that Powell could successfully fend off the allegations that his description to lawmakers of the Fed’s $2.5 billion project was criminal. I think this is ham-handed, counter-productive, and going to set back the presidents cause, said Jason Furman, an economist at Harvard and former top adviser to President Barack Obama. It could also unify the Feds interest-rate setting committee in support of Powell, and means the next Fed chair will be under more pressure to prove their independence. The subpoenas apply to the price tag of renovating Fed buildings, including its marble-clad headquarters in Washington, D.C. They come at an unusual moment when Trump was teasing the likelihood of announcing his nominee this month to succeed Powell as the Fed chair, after Trump last summer played down the idea that the Fed’s renovation costs were a fireable offense. While Powell’s term as chair ends in May, he has a separate term as a Fed governor until January 2028. Trumps moves could make it more likely that Powell will stay on the Feds governing board after his term as chair ends in May in order to defend the Fed’s independence from politics in making its decisions on interest rates, Furman said. While an interest rate cut was already considered unlikely at the Feds next meeting in about two weeks, the news of the Justice Department investigation likely means that the Fed would avoid cuts at the next meeting in order to send the message that it cannot be pressured by politics, economists said. Powell quickly found a growing number of defenders among Republicans in the Senate, who will have the choice of whether to confirm Trump’s planned picks for Fed chair. Sen. Thom Tillis, a North Carolina Republican and member of the Senate Banking panel, said late Sunday in response to the subpoenas that he would oppose any of the Trump administrations nominees for the Fed, including to replace Powell. If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none, Tillis said. Sen. Lisa Murkowski, an Alaska Republican, backed Tillis approach Monday. After speaking with Chair Powell this morning, its clear the administrations investigation is nothing more than an attempt at coercion, Murkowski said. She voted against the White Houses nomination of Stephen Miran to the Feds board in September, which was barely approved by a 48-47 vote. Miran continues to be Trump’s chair of the White House Council of Economic Advisers, although he is on leave due to his post at the Fed. Trump has for the past year sought to pressure Powell into having the Fed slash its benchmark interest rates a move that reflects a fundamental break over whether inflation still poses any risk to the U.S. economy. Powell maintains that inflation is still elevated in the aftermath of Trump’s tariffs and has moved cautiously, whereas Trump claims that inflation is no longer a worry and rates should be dramatically slashed. I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment, Powell said in a Sunday night video disclosing the subpoenas. Public service sometimes requires standing firm in the face of threats. If Powell stays on the board after his term as chair ends in May, the Trump administration would be deprived of the chance to fill another seat on the board. Powell has declined at several press conferences to answer questions about his plans. Asked on Monday by reporters if Powell planned to remain a Fed governor, Kevin Hassett, director of the White House National Economic Council and a leading candidate to become Fed chair, said he was unaware of Powells plans. Ive not talked to Jay about that, Hassett said. Powell, jettisoning the cautious approach he has taken since Trump began attacking him last year for not cutting rates sharply enough, said on Sunday the subpoenas were a pretext to force the Fed to cut its key short-term interest rate. Sen. Kevin Cramer, a Republican from North Dakota, a frequent Powell critic, said Monday that he does not hink that the Fed chair is a criminal and said he hopes that this criminal investigation can be put to rest quickly, according to CNBC. The bipartisan group of former Fed chairs and top economists said in their Monday letter that the White Houses legal actions and the possible loss of Fed independence could hurt the broader economy. This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly, the statement said. It has no place in the United States whose greatest strength is the rule of law, which is at the foundation of our economic success. The statement was signed by former Fed chairs Ben Bernanke, Janet Yellen, and Alan Greenspan, as well as former Treasury Secretaries Henry Paulson and Robert Rubin. Still, Trump’s pressure campaign had been building for some time. The president relentlessly criticized and belittled Powell, attempting to blame him for some of the discontent over the economy that followed the president’s own tariff announcements. Trump appeared to preview the shocking news of the subpoenas at a Dec. 29 news conference. The president said his administration would probably sue Powell for gross incompetence on the cost of renovations, calling it the highest price of construction per square foot in the history of the world. Hes just a very incompetent man, Trump said. But were going to probably bring a lawsuit against him. Christopher Rugaber and Josh Boak, Associated Press
Category:
E-Commerce
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