U.S. Housing Market Shifts: Why Inventory and Days on Market Are Rising Again

One of the most reliable ways to track shifts in local housing market supply and demand is by monitoring changes in active inventory and months of supply. When active listings rise rapidly and homes linger longer on the market, it often signals pricing softness or weakening demand. Conversely, a sharp drop in active inventory or months of supply suggests a market tightening up.

Since the national Pandemic Housing Boom ended and mortgage rates surged in summer 2022, the supply-demand balance has been moving in favor of buyers. National active inventory for sale is still up 8.1% year-over-year and remains only 13.6% below pre-pandemic 2019 levels.

The increase isn’t primarily driven by a surge in new listings. Instead, sellers in the post-boom period face more resistance, causing homes to spend more time on the market and be counted as inventory for longer periods.

How Long Homes Stay on the Market Before Pending

Median days to pending for U.S. homes listed on Zillow.com by spring season:

• Spring 2019: 41 days
• Spring 2020: 36 days
• Spring 2021: 14 days
• Spring 2022: 10 days
• Spring 2023: 26 days
• Spring 2024: 25 days
• Spring 2025: 33 days
• Spring 2026: 39 days

Note: Active housing inventory includes all properties for sale in a given month, excluding pending listings. When homes take longer to sell, they roll over into the next month’s inventory, increasing active supply even without a spike in new listings.

Why Inventory and Days on Market Are Rising Together

It’s no coincidence that both the national median days to pending and active housing inventory are approaching pre-pandemic 2019 levels. These metrics are closely interconnected. As homes take longer to sell, inventory accumulates, and the market cools.

Where the Market Is Cooling Fastest (and Slowest)

The housing market’s performance varies significantly across the country. In the Southwest and Southeast, softer pockets have seen median days to pending rise more sharply than in tighter markets in the Northeast and Midwest.

Among the nation’s 250 largest metro areas, the 15 markets with the highest median days to pending in February 2026 were:

• Asheville, NC — 105 days
• McAllen, TX — 86 days
• Laredo, TX — 83 days
• Houma, LA — 83 days
• Austin, TX — 82 days
• Daphne, AL — 81 days
• Longview, TX — 78 days
• Lake Charles, LA — 78 days
• Crestview, FL — 77 days
• Panama City, FL — 77 days
• San Antonio, TX — 74 days
• Myrtle Beach, SC — 72 days
• Killeen, TX — 71 days
• Ocala, FL — 71 days
• Naples, FL — 69 days

In contrast, the 15 markets with the lowest median days to pending in February 2026 included:

• Lancaster, PA — 9 days
• Hartford, CT — 10 days
• Allentown, PA — 11 days
• Scranton, PA — 11 days
• Pittsburgh, PA — 12 days
• Akron, OH — 12 days
• Youngstown, OH — 12 days
• Cincinnati, OH — 13 days
• Buffalo, NY — 13 days
• Rochester, NY — 13 days
• Grand Rapids, MI — 13 days
• Columbus, OH — 14 days
• Detroit, MI — 14 days
• Cleveland, OH — 14 days
• Indianapolis, IN — 14 days