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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 36 months. Conversely, local housing markets where active inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced more resilient home price growth over the past 36 months.
Where is national active inventory headed?
National active listings are on the rise on a year-over-year basis (+13% between November 2024 and November 2025). This indicates that homebuyers have gained some leverage in many parts of the country over the past year. Some sellers markets have turned into balanced markets, and more balanced markets have turned into buyers markets.
Nationally, we’re still below pre-pandemic 2019 inventory levels (-6% below November 2019) and some resale markets, in particular chunks of the Midwest and Northeast, still remain tight-ish.
While national active inventory is still up year-over-year, the pace of growth has slowed in recent months—more than typical seasonality would suggest—as some sellers have thrown in the towel and delisted in weak/soft markets.
Here are the November inventory/active listings totals, according to Realtor.com:
- November 2017 -> 1,228,077
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