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 pricing softness or weakness. Conversely, a rapid decline in active listings beyond seasonality could suggest a market that is heating up.
Since the national pandemic housing boom fizzled out in 2022, the national power dynamic has slowly been shifting directionally from sellers to buyers. Of course, across the country, that shift has varied.
Generally speaking, local housing markets where active inventory has jumped above pre-pandemic 2019 levels have experienced softer home price growth (or outright price declines) over the past 46 months. Conversely, local housing markets where active inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced, relatively speaking, more resilient home price growth over the past 46 months.
Where is national active inventory headed?
National active listings are on the rise on a year-over-year basis (+8.1% between March 31, 2025, and March 31, 2026). This indicates that homebuyers have gained some leverage in many parts of the country over the past year. Some seller’s markets have turned into balanced markets, and more balanced markets have turned into buyer’s markets.
Nationally, we’re still below pre-pandemic 2019 inventory levels (-13.6% below March 2019), and some resale markets, in particular chunks of the Midwest and Northeast, still remain, relatively speaking, tight-ish.
