What this means: On a weekly basis, Realtor.com reports the year-over-year change in active inventory, new listings and median prices. On a monthly basis, they report total inventory. For October, Realtor.com reported active inventory was up 15.3% YoY, but still down 13.2% compared to the 2017 to 2019 same month levels. 
Here is their weekly report: Weekly Housing Trends: Latest Data as of Oct. 25

• AActive inventory climbed 14.6% year over year

The number of homes active on the market climbed 14.6% year-over-year, marking the 103th consecutive week of annual gains in inventory. There were about 1.1 million homes for sale last week, marking the 26th week in a row over the million-listing threshold. Active inventory is growing significantly faster than new listings, an indication that more homes are sitting on the market for longer, and homeowners aren’t eager to sell.

• New listings—a measure of sellers putting homes up for sale—up 5.9% year over year

New listings were up 5.9% last week compared with the same period a year ago, extending the streak of accelerating growth to three weeks.

• The median listing price was flat year over year

The median list price remained flat compared to the same week one year ago. Adjusting for home size, the price per square foot fell 0.8% year over year, dropping for the eighth consecutive week. The price per square foot grew steadily for almost two years, but the weak sales activity has finally caught up and shaken underlying home values despite stable prices.

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Thursday:
• At 8:30 AM ET, Personal Income and Outlays for September.

• At 9:45 AM: Chicago Purchasing Managers Index for October. The consensus is for a reading of 42.0, up from 40.6 in September.

Hotel occupancy was weak over the summer months, due to less international tourism.  The fall months are mostly domestic travel and occupancy is still under pressure! 

From STR: U.S. hotel results for week ending 25 October

The U.S. hotel industry reported negative year-over-year comparisons, according to CoStar’s latest data through 25 October. ...

19-25 October 2025 (percentage change from comparable week in 2024):

• Occupancy: 66.6% (-3.6%)
• Average daily rate (ADR): US$166.36 (-1.7%)
• Revenue per available room (RevPAR): US$110.78 (-5.3%)

Among the Top 25 Markets, Tampa reported the steepest occupancy drop (-24.2% to 63.7%), due to the elevated displacement demand period that followed Hurricane Milton in 2024.

New Orleans posted the largest decreases in ADR (-35.3% to US$195.39) and RevPAR (-41.9% to US$132.94). The market’s performance was affected by a comparison against Taylor Swift’s 2024 Eras Tour dates.

Overall, 21 of the Top 25 Markets saw an occupancy decline.
emphasis added

The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.
Click on graph for larger image.

The red line is for 2025, blue is the median, and dashed light blue is for 2024.  Dashed black is for 2018, the record year for hotel occupancy. 
The 4-week average of the occupancy rate is tracking behind both last year and the median rate for the period 2000 through 2024 (Blue).
Note: Y-axis doesn't start at zero to better show the seasonal change.
The 4-week average will decrease seasonally until early next year.
On a year-to-date basis, the only worse years for occupancy over the last 25 years were pandemic or recession years.

From the Las Vegas Visitor Authority: September 2025 Las Vegas Visitor Statistics

Driven largely by slower midweek volumes, the destination saw a ‐8.8% YoY decrease in visitation, hosting approximately 3.1M visitors.

Las Vegas convention attendance reached roughly 428k in September, down ‐18.7% YoY, reflecting in part the absence of the quadrennial MINExpo (45k attendees) that was held last September, and the calendar shift for Oracle CloudWorld (30k attendees) which took place in October this year vs. September last year.

Hotel occupancy of 78.7% (down ‐5.2 pts) and ADR of $191 (‐2.9% YoY) translated to monthly RevPAR of $150 (‐9.0% YoY).
emphasis added

Click on graph for larger image.

The first graph shows visitor traffic for 2019 (Black), 2020 (dark blue), 2021 (light blue), 2022 (light orange), 2023 (orange), 2024 (dark orange) and 2025 (red).

Visitor traffic was down 8.8% compared to last September.  Visitor traffic was down 11.1% compared to September 2019.
Year-to-date (YTD) visitor traffic is down 9.3% compared to the same period in 2019.

The second graph shows convention traffic.
Convention traffic was down 18.7% compared to September 2024 and down 6.7% compared to September 2019.  
YTD convention traffic is down 12.3% compared to 2019.

Today, in the Calculated Risk Real Estate Newsletter: Inflation Adjusted House Prices 2.8% Below 2022 Peak

Excerpt:

It has been 19 years since the housing bubble peak, ancient history for many readers!

In the August Case-Shiller house price index released Tuesday, the seasonally adjusted National Index (SA), was reported as being 77% above the bubble peak. However, in real terms, the National index (SA) is about 9.6% above the bubble peak (and historically there has been an upward slope to real house prices). The composite 20, in real terms, is 1.0% above the bubble peak.

People usually graph nominal house prices, but it is also important to look at prices in real terms. As an example, if a house price was $300,000 in January 2010, the price would be $446,000 today adjusted for inflation (49% increase). That is why the second graph below is important - this shows "real" prices.

The third graph shows the price-to-rent ratio, and the fourth graph is the affordability index. The last graph shows the 5-year real return based on the Case-Shiller National Index.
...
The second graph shows the same two indexes in real terms (adjusted for inflation using CPI).

In real terms (using CPI), the National index is 2.8% below the recent peak, and the Composite 20 index is 3.1% below the recent peak in 2022.

Both the real National index and the Comp-20 index decreased in August. The real National index has decreased for 8 consecutive months.

It has now been 39 months since the real peak in house prices. Typically, after a sharp increase in prices, it takes a number of years for real prices to reach new highs (see House Prices: 7 Years in Purgatory)

There is much more in the article!

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will not be released.

• Also at 8:30 AM, Gross Domestic Product, 3rd quarter 2025 (advance estimate) will not be released.