National housing market inventory growth accelerates again—here’s the data by state

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. Nationally aggregated inventory is up +5.6% on a year-over-year basis between September 30, 2025 and September 30, 2026. That marks three straight months where the year-over-year growth in active inventory for sale has accelerated. However, it’s only a tad acceleration from the low of +1.9% year-over-year inventory growth in June. If you go back 12 months, the year-over-year national inventory growth rate was higher (+16.9%). Nonetheless, the continued growth in nationally aggregated inventory suggests a nationally aggregated housing market that’s soft, with buyers in many markets gaining some additional leverage over the past year. And with long-term yields and mortgage rates back at a two-year high, we’ll be watching to see how much momentum the national softening regains as we head deeper into the seasonally slow period. We’re already starting to see it regain some momentum. Nationally, we’re just shy of reaching back to pre-pandemic 2019 inventory levels (-5.2% below September 2019). September inventory/active listings total, according to Realtor.com: September 2…