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Housing inventory near 1.54 million supports modest 2.0% price growth
Active supply sits at about 1.54 million units, translating to 4.6 months of supply and keeping national price gains around 2.0%.
Housing inventory remains slightly lower year over year, but active supply at roughly 1.54 million units is supporting a functioning resale market, according to HousingWire’s analysis of National Association of REALTORS existing home sales data. With 4.6 months of supply, national home price growth is running at about 2.0% per the NAR report.
HousingWire said the key issue is that inventory has returned to healthier levels, even if it is still below the longer run range of 2.0 million to 2.5 million. The outlet noted that supply and demand equilibrium shifted in mid June 2025 and that when mortgage rates fall and demand picks up, inventory tends to be harder to move higher.
The report links the current growth rate to affordability improving without waiting solely on lower mortgage rates. HousingWire said price growth in 2025 and 2026 has been slowing to healthier levels, roughly 1.0% to 2.0% nationally, compared with 2020 at about 10%, 2021 at about 19%, and 2022 at about 6%.
HousingWire also cited NAR data showing existing home sales decreased 1.7% month over month and increased 0.7% year over year. NAR Chief Economist Lawrence Yun said home sales have been remarkably stable despite the recent rise in mortgage rates, and he added that the market would be thriving if average mortgage rates returned near 6%.