National active housing inventory for sale was still -11% below June 2019 levels by the end of July 2025. From January to July 2025, a growing number of major housing markets surpassed pre-pandemic inventory levels. January 2025 started with 41 markets, growing to 80 markets by July. Sun Belt states like Florida, Texas, Arizona, and Colorado are among these areas. Regions with the softest markets grant more leverage to homebuyers, especially in the Gulf Coast and Mountain West areas that previously saw significant price hikes during the pandemic.
During the Pandemic Housing Boom, the number of active homes for sale in most housing markets plummeted as homebuyer demand quickly absorbed almost everything that came up for sale.
At the end of July 2025, national active housing inventory for sale was still -11% below June 2019 levels.
By July 2025, 80 of the 200 housing markets had inventory levels above pre-pandemic 2019 levels, indicating a shift in homebuyer power.
Many of the softest housing markets, where homebuyers have gained leverage, are located in Gulf Coast and Mountain West regions.
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