Housing inventory is rising in 2026, but the pace has slowed to a crawl. Zillow counted 1.39 million homes for sale in June 2026, 0.9% more than a year earlier and 2% more than in May [1]. The National Association of Realtors put existing-home inventory at 1.56 million units, up 1.3% from a year ago and equal to 4.6 months of supply at the current sales pace [2]. DataPorium's Zillow-based series shows that inventory has grown 48% from its June 2023 low but remains 18% below June 2019 [3]. More listings have not pushed prices down nationally: home values were still 1.1% higher than a year earlier in June [1].
How much housing inventory has risen since 2023
The recovery in supply is best seen over several years. DataPorium's monthly for-sale inventory series, drawn from Zillow, gives the following June readings [3]:
| June of year | Homes for sale (Zillow, all homes) |
|---|---|
| 2019 | 1,704,892 |
| 2020 | 1,355,143 |
| 2021 | 1,025,414 |
| 2022 | 1,049,595 |
| 2023 | 940,213 |
| 2024 | 1,163,307 |
| 2025 | 1,381,569 |
| 2026 | 1,395,591 |
Inventory rose 24% from June 2023 to June 2024 and another 19% to June 2025, but only 1.0% in the year to June 2026 [3]. Zillow's May report noted that annual inventory growth had reached 30 consecutive months, while warning that the pace was trending toward zero [1]. The stock of listings, in other words, has largely stopped rebuilding. Readers can track the monthly series for any state, metro or ZIP code on DataPorium's housing market page.
New listings versus sales: the flow behind the stock
Inventory is a stock; what changes it is the flow of new listings minus the flow of sales. In June, new listings totaled 403,811, up 3% from a year earlier but 4.6% below May [1]. Sales rose faster: 381,125 homes sold, 5.9% more than in June 2025 and 9.2% more than in May, and newly pending listings were 7.6% above a year earlier [1]. When sales grow faster than new listings, inventory growth slows, which is exactly what the June figures show.
Why inventory growth is slowing
Three forces are at work. First, mortgage rates below their 2025 levels (6.55% in the week of July 16, 2026, against 6.75% a year earlier) brought some buyers back, lifting sales [4]. Second, sellers who bought with rates near 3% still have little reason to list, so new listings remain below the pre-2020 norm. Third, homes are moving at a moderate pace: the median listing went pending in 20 days in June, unchanged from a year ago, and 25.8% of listings took a price cut, down from 26.6% a year earlier [1]. None of these forces points to a flood of supply in the second half of 2026.
Where inventory is rising fastest, and where it is shrinking
National totals hide large regional swings. Zillow's June metro data shows the following annual changes in active inventory [1]:
- Rising fastest: Louisville +20.0%, Buffalo +18.6%, Minneapolis +15.9%, Seattle +14.0%, Boston +12.2%, Cleveland +11.9%, Indianapolis +11.3%, Raleigh +11.0%
- Shrinking fastest: San Francisco -15.3%, Jacksonville -14.9%, Miami -14.0%, Tampa -9.2%, Riverside -7.5%, Austin -7.1%, Denver -7.0%, Sacramento -7.0%, Dallas -6.4%
The pattern is the reverse of 2024, when Sun Belt inventory was rising fastest. Florida and Texas now show shrinking inventory because sellers there are pulling listings after price declines, while Northeast and Midwest markets are seeing more listings from a very low base.
What more listings mean for home prices
The link between inventory and prices is real but loose. Seattle, with inventory up 14%, saw values fall 1.7% over the year; Minneapolis, with inventory up 15.9%, saw values rise 2.0% [1]. Miami's inventory fell 14% and its values still slipped 1.2%, because demand fell even faster than supply [1]. What determines the direction of prices is the balance of supply and demand, and demand is set mostly by mortgage rates and incomes.
At the national level, 4.6 months of existing-home supply is close to the 5 to 6 months that analysts usually treat as balanced, which is consistent with prices rising 1% to 2% a year rather than falling [2]. The June median existing-home price of $440,600 was a record and 1.8% above a year earlier [2].
Inventory has recovered from its 2023 low but has stopped growing, and with 4.6 months of supply the market is balanced enough to keep prices flat rather than push them down.
The market-oriented reading is that the supply response since 2023 came from builders and from owners who finally listed, not from any program. Where local rules make building easier, inventory has rebuilt faster and prices have eased more. The counterpoint is that the lock-in effect of low existing mortgage rates is a genuine constraint that will fade only as rates fall or as more owners move for job or family reasons. Investors may consider that metros with rising inventory and falling prices give buyers leverage, while metros with shrinking inventory and rising prices (Chicago, New York, Hartford) leave little room to negotiate.
Key takeaways
- Zillow counted 1.39 million homes for sale in June 2026, up 0.9% from a year earlier; NAR's existing-home inventory was 1.56 million, or 4.6 months of supply [1][2].
- Inventory is 48% above its June 2023 low but still 18% below June 2019, according to DataPorium's Zillow-based series [3].
- Sales (+5.9% year over year) grew faster than new listings (+3%) in June, so inventory growth has nearly stalled [1].
- Inventory is rising fastest in Louisville, Buffalo, Minneapolis and Seattle, and shrinking fastest in San Francisco, Jacksonville and Miami [1].
- More listings have not pushed national prices down: values were up 1.1% year over year and the median existing-home price hit a record $440,600 [1][2].
Frequently asked questions
Is housing inventory going up in 2026?
Yes, but slowly. Zillow's active inventory was 0.9% higher in June 2026 than a year earlier, the 31st straight month of annual growth, while NAR's existing-home inventory was up 1.3% [1][2].
How many homes are for sale in the United States right now?
Zillow counted about 1.39 million active listings in June 2026, and the National Association of Realtors reported 1.56 million existing homes for sale, equal to 4.6 months of supply [1][2].
Does more inventory mean home prices will fall?
Not necessarily. National inventory rose in the year to June 2026 and prices still rose 1.1%; prices fell mainly in metros where demand weakened faster than supply, such as Miami and Austin [1].
Is housing inventory back to normal levels?
No. DataPorium's Zillow-based series shows June 2026 inventory of 1,395,591 homes, about 18% below the 1,704,892 recorded in June 2019 [3].
Sources & References
- [1] Zillow June 2026 Market Report (press release, July 7, 2026)
- [2] NAR Existing-Home Sales Report for June 2026 (July 9, 2026)
- [3] DataPorium Housing Market Insights (Zillow-based data by state, metro, city and ZIP)
- [4] FRED: 30-Year Fixed Rate Mortgage Average in the United States (Freddie Mac PMMS)
