Housing Inventory Has Reverted to Pre-Pandemic Levels in These 14 States

National active housing listings increased by 21% from August 2024 to August 2025 but remain 11% below August 2019 levels. Fourteen states, including Arizona, Florida, and Texas, have inventory back to pre-pandemic levels. In Sun Belt and Mountain West markets like Austin and Tampa, inventory has neared or surpassed 2019 levels due to slowed migration, higher mortgage rates, and increased new home supply, which cools resale markets.