Housing Inventory Has Reverted to Pre-Pandemic Levels in These 14 States

National active housing listings increased by about 21% from August 2024 to August 2025 but remain 11% below August 2019 levels. Inventory has returned to 2019 levels in 14 states and Washington, D.C. In the Sun Belt and Mountain West, markets like Tampa and Austin have seen inventory near or surpass pre-pandemic levels due to slowed migration, rising mortgage rates, and increased new home supply, which cools resale markets.