Housing Market Inventory Shifts Across Every State: Data‑Driven Outlook

Housing Market Inventory Shifts Across Every State

At the Bank of America Housing Symposium, PulteGroup’s Jim Zeumer warned that the housing market inventory in Oregon and Washington still needs adjustment to match affordability trends. Nationally, active listings rose ↑ 2.2% year‑over‑year between May 2025 and May 2026, a sharp slowdown from the ↓ 31.5% surge seen a year earlier.

“We have work to do to clear spec in some of our Western markets,” Zeumer told institutional investors.

While Washington’s inventory grew 17% YoY, most states are adding homes at a decelerating pace. The Midwest and Northeast remain tight, with active resale listings still below pre‑pandemic 2019 levels by roughly 10%. Conversely, Sunbelt metros such as Austin and Punta Gorda have pushed inventory back above 2019 benchmarks, aided by builders offering price incentives as mortgage rates climb.

Data from Realtor.com shows active listings climbing from 1,036,101 in May 2025 to 1,058,693 in May 2026, a gain of 22,592 homes. Sixteen states, including Alabama, Arizona and Oregon, now sit above pre‑COVID inventory levels, while Florida’s surge eases, reflecting a broader market softening.

For a deeper dive into the post‑pandemic correction, see our pandemic analysis. Further details are available from Reuters and Bloomberg.

Words by: Nathaniel Reed

Wealth Management Correspondent