Need extra housing market tales from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub publication.
When assessing dwelling worth momentum, ResiClub believes it’s vital to watch lively listings and months of provide. If lively listings begin to quickly improve as properties stay available on the market for longer durations, it might point out pricing softness or weak point. Conversely, a fast decline in lively listings might recommend a market that’s tightening or heating up.
For the reason that nationwide Pandemic Housing Growth fizzled out in 2022, the nationwide energy dynamic has slowly been shifting directionally from sellers to consumers. In fact, throughout the nation that shift has different considerably.
Usually talking, native housing markets the place lively stock has jumped above pre-pandemic 2019 ranges have skilled softer dwelling worth development (or outright worth declines) over the previous 36 months.
Conversely, native housing markets the place lively stock stays far under pre-pandemic 2019 ranges have, typically talking, skilled extra resilient dwelling worth development over the previous 36 months.
The place is nationwide lively stock headed?
Nationwide lively listings as tracked by Realtor.com are on the rise on a year-over-year foundation (+17% between September 2024 and September 2025). This means that homebuyers have gained some leverage in lots of elements of the nation over the previous yr. Some sellers markets have become balanced markets, and extra balanced markets have become consumers markets.
Nationally, we’re nonetheless under pre-pandemic 2019 stock ranges (-10% under September 2019) and a few resale markets, particularly chunks of the Midwest and Northeast, nonetheless stay tight-ish.
Whereas nationwide lively stock continues to be up year-over-year, the tempo of development has slowed in latest months—greater than typical seasonality would recommend—as some sellers have thrown within the towel and delisted (extra on that in one other piece).
These are the previous September stock/lively listings totals, based on Realtor.com:
- September 2017 -> 1,308,607 📉
- September 2018 -> 1,301,922 📉
- September 2019 -> 1,224,868 📉
- September 2020 -> 749,395 📉
- September 2021 -> 578,070 📉 (overheating throughout the Pandemic Housing Growth)
- September 2022 -> 731,496 📈
- September 2023 -> 702,430 📉
- September 2024 -> 940,980 📈
- September 2025 -> 1,100,407 📈
If we keep the present year-over-year tempo of stock development (+159,427 properties on the market), we’d have 1,259,834 lively stock come September 2026.
Beneath is the year-over-year share change by state:
!operate(){“use strict”;window.addEventListener(“message”,operate(a){if(void 0!==a.information[“datawrapper-height”]){var e=doc.querySelectorAll(“iframe”);for(var t in a.information[“datawrapper-height”])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.supply){var d=a.information[“datawrapper-height”][t]+”px”;r.type.peak=d}}})}();
Whereas lively housing stock is rising in most markets on a year-over-year foundation, some markets nonetheless stay tight-ish (though it’s loosening in these locations, too).
As ResiClub has been documenting, each lively resale and new properties on the market stay essentially the most restricted throughout enormous swaths of the Midwest and Northeast. That’s the place dwelling sellers this spring had, comparatively talking, extra energy.
In distinction, lively housing stock on the market has neared or surpassed pre-pandemic 2019 ranges in lots of elements of the Sunbelt and Mountain West, together with metro space housing markets reminiscent of Punta Gorda and Austin.
Many of those areas noticed main worth surges throughout the Pandemic Housing Growth, with dwelling costs getting stretched in comparison with native incomes. As pandemic-driven home migration slowed and mortgage charges rose, markets like Tampa and Austin confronted challenges, counting on native earnings ranges to help frothy dwelling costs.
This softening development was accelerated additional by an abundance of recent dwelling provide within the Sunbelt. Builders are sometimes keen to decrease costs or provide affordability incentives (if they’ve the margins to take action) to take care of gross sales in a shifted market, which additionally has a cooling impact on the resale market: Some consumers, who would have beforehand thought of current properties, are actually choosing new properties with extra favorable offers. That places further upward strain on resale stock.
!operate(){“use strict”;window.addEventListener(“message”,operate(a){if(void 0!==a.information[“datawrapper-height”]){var e=doc.querySelectorAll(“iframe”);for(var t in a.information[“datawrapper-height”])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.supply){var d=a.information[“datawrapper-height”][t]+”px”;r.type.peak=d}}})}();
On the finish of September 2025, 15 states had been above pre-pandemic 2019 lively stock ranges: Alabama, Arizona, Colorado, Florida, Hawaii, Idaho, Nebraska, Nevada, North Carolina, Oklahoma, Oregon, Tennessee, Texas, Utah, and Washington. (The District of Columbia—which we ignored of this evaluation—can also be again above pre-pandemic 2019 lively stock ranges. Softness in D.C. correct predates the present administration’s job cuts.)
!operate(){“use strict”;window.addEventListener(“message”,operate(a){if(void 0!==a.information[“datawrapper-height”]){var e=doc.querySelectorAll(“iframe”);for(var t in a.information[“datawrapper-height”])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.supply){var d=a.information[“datawrapper-height”][t]+”px”;r.type.peak=d}}})}();
Large image: Over the previous few years, we’ve noticed a softening throughout many housing markets as strained affordability tempers the fervor of a market that was unsustainably sizzling throughout the Pandemic Housing Growth. Whereas dwelling costs are falling some in pockets of the Sunbelt, a giant chunk of Northeast and Midwest markets nonetheless eked out a bit of worth appreciation this spring. Nationally aggregated dwelling costs have been fairly near flat in 2025.
Click on to increase.
Beneath is one other model of the desk above—however this one consists of each month since January 2017. (Click on the hyperlink to see an interactive model.)
!operate(){“use strict”;window.addEventListener(“message”,operate(a){if(void 0!==a.information[“datawrapper-height”]){var e=doc.querySelectorAll(“iframe”);for(var t in a.information[“datawrapper-height”])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.supply){var d=a.information[“datawrapper-height”][t]+”px”;r.type.peak=d}}})}();
