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U.S. Housing Supply Has More Than Tripled Since 2022
In 2022, inventory was at rock bottom and buyers were facing intense competition with multiple offers, bidding wars, and homes disappearing in just a couple of days.
I put together a short video walking through how things have shifted since then. The data shows:
- The pre-pandemic range from 2017 to 2019, when inventory was more balanced
- The February 2022 low point at about 346,000 homes for sale
- Where we stand today, with just over 1.1 million homes on the market, which is more than three times higher than the 2022 bottom and about 25 percent higher than last summer
This trend is moving us back toward pre-pandemic levels, which means more options and more negotiating room for today’s buyers.
You can watch the full breakdown below.
https://www.youtube.com/shorts/pGxVcOPkJ1s
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This discussion was modified 12 months ago by
Chad Bush.
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This discussion was modified 12 months ago by Sapna Sharma.
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5 Replies
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Great topic, Chad. The latest data confirm that the number of homes for sale in the U.S. has more than tripled since 2022. The number of active U.S. listings climbed steeply, especially in hot markets like Florida and Texas, showing that the housing landscape is transforming. Listings started from a 2022 low of 346,000 and reached nearly 1.1 million by June 2025.
This surge can be traced to a few key developments: buyers easing out of the mortgage lock-in effect, an uptick in new construction, and investors starting to offload properties. Still, the growing supply is inconsistent nationwide and puts pressure on home prices in some markets. For example, during the Austin, Texas, report for May 2025, home sales dropped 5.8 percent compared to the same month a year earlier, and the city recorded a 2 percent decrease in the median sale price.
Even with more homes hitting the market, we aren’t in a true buyer’s market yet. Inventory keeps growing, and if interest rates drop in 2025, buyer demand could jump again. The National Association of Realtors (NAR) noted the number of unsold existing homes climbed to 1.55 million in July 2025—the highest level we’ve seen in five years.
In short, the U.S. housing supply has jumped since 2022. We had over 1 million active listings in June 2025. Despite the growing number of listings, the market is still shifting. That shift affects home prices and sales differently from one region to another.
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Great additional points, Gus. I think the rise in listings is definitely easing some of the pressure buyers felt in 2022, but as you mentioned, it’s not translating evenly across markets. Some areas are seeing price softening while others are still competitive, which really shows how important it is to look at local data alongside the national trends.
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You’re spot-on—that kind of insight always pays off. Headlines will yell about national averages, but the truth is, real estate is local to the street. A marketplace that offers a story of relief one day can swing back to crunch the next, all based on local supply and demand.
Bigger metro markets that shot up in 2021 and 2022 are now seeing fresh listings. Buyers are re-attracting some leverage; homes are lingering a few extra days, and we’re finally seeing slight price trims. That’s nice, but it’s not a blanket fix.
Meanwhile, the secondary markets, which have long lagged on supply and are bolstered by relentless job growth or the lure of comparatively price-friendly options, are a different story. There, bids still fly, offers escalate, and frustration mounts.
Then add in that teaser drop in mortgage rates. A tiny percent release can set off a sprint in already supply-starved neighborhoods, making patience a high-value pitch.
On the client-facing side, relying solely on national stats is like predicting the weather by looking at one giant picture of clouds. Inventory levels, price pivots, and days-on-market, all at the local level, are the play-by-play push that can steer smart buying or selling.
Want me to layer a clear side-by-side view of the national average vs. your local snapshot so the contrast jumps off the page? It’ll cover supply, median price, and time-on-market—all the stuff that lets the local picture breathe and sing louder than a national drumbeat.
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California’s housing market has bounced back faster than the national average since bottoming out earlier this calendar year.
Here’s the Makeover Through the Latest Statistics
In early 2022, the Golden State and the broader U.S. confronted a supply crunch and blistering sales competition. Both states increased their available inventory in the following months, but the Golden State increased more quickly.
Following that trough in 2022, the U.S. total inventory more than doubled from prior lows, climbing by 200%. California outperformed still, with the Golden State’s supply climbing by 244% over the same stretch. The faster California supply increase confirms a sharper recovery.
California’s inventory is up 36% compared to a year ago, and nationwide inventory is up 25%. The divergence still favors the state, further blocking supply scarcity indications over the same progression.
The indexed approach shows the U.S. at a benchmark ahead of 121 a year ago and California indexed at 139. The sharper California recovery appears durable when you compare the two states on a consistent scale of supply growth.
Extra data show that although housing inventory is rising quickly, California still struggles with a longstanding shortage and affordability problem that can only be solved through steady, increased homebuilding. Active listings and months of inventory have increased in 2025. However, most of the state remains competitive, driven by steady demand. The upward trend is encouraging, but it’s only a piece of a larger jigsaw where home values, affordability, and persistent supply-demand mismatches set California apart from the rest of the country.
To sum up, California’s housing supply has rebounded more vigorously than the rest of the country since 2022. Listings are up almost 244% compared to the U.S. total, which has risen 200%, and California’s indexed recovery score is higher than the national average—139 versus 121. Supply figures are also now notably above where they were last summer, clearly indicating a sharp regional market recovery that continues to evolve.
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The 346k to 1.1 million jump is real, but listing count and months of supply are not the same thing. A lot of those extra signs are in Sun Belt metros that ran hottest in 2021–22. That does not automatically give a buyer in a job-growth suburb the same leverage.
What still matters more than the national headline is the lock-in. Owners sitting on 3% money do not list unless they have to. When they do, they often price like 2022 never ended. So you get more inventory and sticky asking prices at the same time. Days on market stretching a week or two is relief, not a crash.
If mortgage rates dip even half a point, the same thin local markets Gus mentioned can go right back to multiple offers. Affordability is still the gate. Extra listings help only if a qualified buyer can actually carry the payment.
I would watch local months of supply and list-to-sale ratio, not the 1.1 million figure by itself.
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