The 18 states back above pre-pandemic 2019 housing market inventory levels

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. Nationally aggregated inventory is up +3.8% on a year-over-year basis between August 31, 2025 and August 31, 2026. While that’s accelerated a tad from the +1.9% year-over-year inventory growth low point in June, it’s decelerated significantly since last year. If you go back 12 months, that year-over-year national inventory growth rate was much higher (+20.8%). After a period of a burst of softening in which leverage shifted more toward homebuyers, the supply-demand balance in the nationally aggregated housing market has been more stable over the past year, settling into what ResiClub considers a “soft” market. Again, for that comment, ResiClub is talking about the nationally aggregated market—regionally and locally there’s a lot of nuance. Given that long-term yields and mortgage rates have jumped back up to a 52-week high, we’ll keep an eye out to see if that nationally aggregated softening regains momentum as we head into the seasonally soft window. Nationally, we’re still below pre-pandemic 2019 inventory levels (-7.7% below August 2019). August inventory/active l…