10 states with the biggest housing market inventory shift

ResiClub monitors active listings and months of supply to assess home price momentum, with rapid increases indicating pricing softness and rapid declines suggesting a heating market. Local markets with inventory above pre-pandemic 2019 levels have experienced softer home price growth or declines over the past 36 months. Conversely, markets with inventory below 2019 levels have experienced more resilient home price growth. Active inventory is rising nationally, indicating homebuyers have gained leverage in many parts of the country. Nationally, inventory is still below pre-pandemic 2019 levels, but some resale markets, particularly in the Midwest and Northeast, remain tight. If the current pace of inventory growth continues, active inventory will approach pre-pandemic 2019 levels in the second half of 2025. Some markets, such as those in the Sun Belt and Mountain West, have seen major price surges during the pandemic housing boom and are now experiencing softening. Markets like Tampa and Austin are facing challenges as pandemic-driven domestic migration slows and mortgage rates rise. As a result, home prices are falling in some areas, and ResiClub expects more markets to fall into year-over-year decline as the year progresses.