Housing Inventory is Back to Pre-Pandemic Levels in These 14 States

National active listings, an indicator of available housing inventory, have grown over the past year. Data from the ResiClub blog shows an increase of about 21% from August 2024 to August 2025.

Nationwide, inventory remains 11% below levels seen in August 2019, when there were 1.24 million active listings; as of August 2025 there were 1.09 million active listings.

But in 14 states, inventory has returned to 2019 levels, specifically Alabama, Arizona, Colorado, Florida, Hawaii, Idaho, Nebraska, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, and Washington. While not technically a state, Washington, D.C. has also seen inventory return to pre-pandemic levels.

In contrast, active housing inventory for sale has neared or surpassed pre-pandemic 2019 levels in many parts of the Sun Belt and Mountain West, including metro area housing markets such as Punta Gorda and Austin. Many of these areas saw major price surges during the Pandemic Housing Boom, with home prices getting stretched compared to local incomes. As pandemic-driven domestic migration slowed and mortgage rates rose, markets like Tampa and Austin faced challenges, relying on local income levels to support frothy home prices. This softening trend was accelerated further by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives (if they have the margins to do so) to maintain sales in a shifted market, which also has a cooling effect on the resale market: Some buyers, who would have previously considered existing homes, are now opting for new homes with more favorable deals. That puts additional upward pressure on resale inventory.