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On the finish of March 2025, nationwide energetic housing stock on the market was up 28.5% year-over-year. That year-over-year energetic stock progress is going on nearly in all places.
The recent jump in active inventory for sale tells us that homebuyers have gained some leverage in most housing markets over the previous 12 months. Some “vendor’s markets have was “balanced markets,” whereas some “balanced markets” have was “purchaser’s markets.”
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Whereas energetic listings are rising year-over-year in most regional housing markets, most markets are nonetheless under pre-pandemic 2019 stock ranges. (In March 2025, nationwide energetic housing stock on the market was nonetheless 20% under pre-pandemic March 2019 ranges.)
Nonetheless, by late 2025, it’s attainable that almost half of U.S. metro space housing markets could possibly be above pre-pandemic 2019 energetic stock ranges.
Typically talking, housing markets the place stock (i.e., energetic listings) has returned to pre-pandemic 2019 ranges have experienced weaker home price growth (or outright declines) over the previous 30 months. Conversely, housing markets the place stock stays far under pre-pandemic 2019 ranges have experienced stronger home price growth over that interval.
Lots of the softest housing markets, the place homebuyers have gained leverage, are positioned in Gulf Coast and Mountain West areas. These areas had been house to most of the nation’s prime pandemic boomtowns, which skilled important house value progress that stretched housing costs past native earnings ranges.
That mentioned, even tighter markets within the Northeast and Midwest are beginning to see stock progress pickup.
