Methodology

Pending Ratio

The Pending Ratio is Primpted Research's primary measure of how quickly buyers are absorbing the homes that come to market. It is calculated for every metro and ZIP we cover, every month.

Definition

Pending Ratio = pending listings ÷ active listings, measured at month-end. Higher values mean a larger share of standing supply is already under contract; lower values mean inventory is sitting.

How we read it

Above 0.60 — strong absorption; buyers are competing.
0.45 – 0.60 — balanced pace.
0.30 – 0.45 — softening; sellers face longer marketing times.
Below 0.30 — clear buyer leverage; price discipline is required.

Thresholds are calibrated against a multi-year history of Realtor.com listing data and are reviewed annually. We avoid the phrases "buyer's market" and "seller's market" — the Pending Ratio (alongside days-on-market and price-reduced share) is how we describe leverage instead.

Sources

Active and pending listing counts are sourced from Realtor.com's monthly metro and ZIP files. Year-over-year comparisons use the same source to keep the series internally consistent.