32 Housing Markets That Are Back to Pre-Pandemic Inventory Levels

Following the housing boom in 2022, some regions of the U.S. are beginning to see their housing markets stabilize. As of May, 32 of the nation’s 200 largest housing markets are back above pre-pandemic inventory levels, according to recent insight from the ResiClub blog. National active inventory is up by 35% year-over-year, but the biggest gains are in the Southeast and Southwest markets, with 19 of the total in Texas or Florida. On the other hand, housing markets in the Northeast and Midwest continue to see constrained inventory.

Unlike many Southwest and Southeast housing markets, many Northeast and Midwest markets have lower levels of homebuilding. As new supply becomes available in Southwest and Southeast markets, and builders use affordability adjustments like buydowns to move it, it has created a cooling effect in the resale market. The Northeast and Midwest don’t have that same level of new supply, so resale/existing homes remain the only game in town.

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