National Housing Inventory Growth Accelerates Again in September

National housing inventory increased by 5.6% year-over-year in September 2026, marking the third consecutive month where the annual growth in active inventory for sale has accelerated. This trend suggests a national housing market where buyers have gained additional leverage over the past year.

While the year-over-year inventory growth rate was higher a year prior (+16.9% in June 2025), the current acceleration indicates a continued softening in the market. National inventory remains 5.2% below pre-pandemic 2019 levels.

Most markets are experiencing year-over-year growth in active housing inventory, though the pace is more moderate than a year ago. Florida, which has seen some of the weakest regional housing markets over the past two years, experienced a slight year-over-year decrease in active inventory (-10%). In contrast, markets in the Midwest and Northeast remain relatively tight.

Many areas in the Sun Belt and Mountain West, including metro areas like Punta Gorda and Austin, have seen active housing inventory near or surpass pre-pandemic 2019 levels. These regions experienced significant price surges during the pandemic and are now facing challenges with higher mortgage rates and slowed migration. The increase in new home supply has also impacted the resale market, as buyers opt for new constructions with more favorable deals.