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- Monthly report: Housing market inventory dynamics in 800+ metros, 3,000+ counties, +25,000 ZIPs
Monthly report: Housing market inventory dynamics in 800+ metros, 3,000+ counties, +25,000 ZIPs
ResiClub PRO | The ResiClub Terminal and the Lance Lambert Inventory Tracker have been updated to include analysis based on end-of-December 2025 inventory data.
Lance Lambert
January 10, 2026
ResiClub PRO report
The ResiClub Terminal—and the Lance Lambert Inventory Tracker" spreadsheet——have been updated to include the latest inventory data and analysis.
When assessing home price momentum, ResiClub believes it's important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate potential future pricing weakness. Conversely, a rapid decline in active listings could suggest a market that is tightening/heating up.
At the end of December 2025, national active inventory for sale was up +12% over December 2024. While that’s still -5% fewer U.S. homes for sale as compared to December 2019, the rise tells us that, nationally, the market has softened over the past year.
Simply put, buyers have gained some leverage in most resale markets over the past year. Some sellers markets have turned into balanced markets, and more balanced markets have turned into buyers markets.
That said, while national active inventory is still up year-over-year, the pace of growth has been slowly for months.
Click here to view an interactive version of the metro map below
Over the past 12 months, active listings have inched up (at least a little) across most of the country. One could argue that this inventory jump is a much-needed shift given just how unhealthy and tight the housing market became during the Pandemic Housing Boom.
Click here to view an interactive of the county map below
Click here for an interactive version of the ZIP Code map below (For a better user experience, I suggest viewing it in the ResiClub Terminal)
In the side-by-side below, you can see that while active inventory is still up year-over-year in most markets, the rate of inventory growth has recently decelerated—in particular in Florida.
While active listings are rising year-over-year in most regional housing markets, a slight majority of markets are still below pre-pandemic 2019 inventory levels.
Generally speaking, housing markets where inventory (i.e., active listings) has returned to pre-pandemic 2019 levels have experienced weaker home price growth (or outright declines) over the past 36 months. Conversely, housing markets where inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced more resilient home price growth over the past 36 months.
Many of the softest housing markets, where homebuyers have gained the most leverage, are located in Gulf Coast and Mountain West regions. Many of those areas were home to many of the nation’s top pandemic boomtowns, which experienced significant home price growth during the Pandemic Housing Boom, which stretched housing prices beyond local income levels.
Once pandemic-fueled domestic migration slowed and mortgage rates spiked, markets like Punta Gorda, Florida, and Austin, Texas, faced challenges as they had to rely on local incomes to sustain frothy home prices. The housing market softening in these areas was further accelerated by the abundance of new home supply in the pipeline across the Sun Belt. When and where needed, builders are often willing to reduce prices or make other affordability adjustments to maintain sales. These adjustments in the new construction market also create a cooling effect on the resale market, as some buyers who might have opted for an existing home shift their focus to new homes where deals are still available.
In contrast, many Northeast and Midwest markets were less reliant on pandemic domestic migration and have less new home construction in progress. With lower exposure to that migration pullback demand shock—and fewer homebuilders doing large incentives—active inventory in these Midwest and Northeast regions has remained relatively tight, keeping the advantage in the hands of home sellers.
Click here to view an interactive version of the metro map below
Click here to view an interactive version of the county map below
Click here for an interactive version of the ZIP Code map below (For a better user experience, I suggest viewing it in the ResiClub Terminal)
Although active inventory is rising year-over-year, much of the Midwest and Northeast remain below pre-pandemic 2019 inventory levels. In contrast, many parts of the Gulf Coast, including Tampa and Atlanta, and the Mountain West have ticked back above pre-pandemic 2019 inventory levels.
Among major markets, homebuyers in markets like Tampa, Denver, Nashville, and Austin have gained more leverage/power.
Among major markets, home sellers in markets like Hartford and Chicago have retained more leverage/power.
Below is some recent regional commentary from giant homebuilders:
“You've pointed it out—your data doesn't lie. Texas and Florida have been really tough [this year], and they were tough because inventory built. I think there was a lot of enthusiasm for the spring selling season that led to a lot of starts last fall and into the early part of the calendar year, [but] the demand didn't materialize. So you start to see a lot of homes finished. And that puts pressure on buyers. It puts pressure on builders. It puts pressure on prices. And we saw all of that, particularly in Texas and Florida.”
Click here to view a searchable version of the chart below for over 800 metro/micro area housing markets
Below is another version of the table above—but this one includes every month since January 2017.
Click here to view an interactive version of the chart below
Yes, some housing markets have seen a more pronounced shift in the supply-demand equilibrium in favor of homebuyers than others. That said, over the past year, the balance of power has generally shifted toward buyers, directionally speaking. We created the chart below to highlight that nuance across America’s 50 largest metro areas.
Click here to view a searchable chart displaying monthly inventory data for the nation’s 300 largest metro area housing markets (it may load slow)
