US Inventory Growth Slows, Balance Stabilizes

National active listings were ↑4.6% yearly, a much slower pace than the prior ↑30.6% yearly gain, signaling steadier supply-demand balance across markets.
Buyer leverage has gradually improved since the pandemic-era boom cooled in 2022, though the balance shift has varied widely by market nationwide.
Markets with inventory above 2019 levels generally saw softer price momentum or outright price declines over the past 47 mo, highlighting local leverage.
Where inventory stayed far below 2019 levels, home price growth was generally more resilient, showing sellers retained stronger positioning in tighter areas.
For pricing clues, monitor active listings and mo of supply; rapid inventory buildup can signal softness, while tighter supply supports seller power.