US housing inventory topped 1.1 million homes for the first time since 2019, reaching 1,126,252 units available for sale in July 2026. Supply has more than doubled from pandemic lows of roughly 447,670 homes listed in May 2021. However, current inventory remains 11.6% below the 2017-2019 average, with year-over-year growth slowing to around 2%. The South and West are leading the inventory recovery, while the Northeast and Midwest are slower to add supply. Elevated mortgage rates continue to drive both new listings and buyer reluctance in the market.
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