From summer 2020 to spring 2022, the housing market experienced a boom, causing active inventory to drop as buyer demand surged. As of June 2025, the national inventory remained 11% below 2019 levels, but more regional markets are returning to those thresholds. By mid-2025, 78 out of 200 metro areas surpassed pre-pandemic inventory levels, particularly in Sun Belt states. In contrast, some areas in the Gulf Coast and Mountain West now allow buyers greater leverage in negotiations after their previous pandemic success.
During the Pandemic Housing Boom from summer 2020 to spring 2022, the number of active homes for sale plummeted as homebuyer demand absorbed almost everything that came up for sale.
As of June 2025, national active housing inventory was still -11% below June 2019 levels, but regional markets are seeing a rise above pre-pandemic inventory.
By June 2025, 78 of the 200 largest metro area housing markets surpassed pre-pandemic 2019 inventory levels, with expectations of this count rising further.
Among the markets where homebuyers have gained leverage are many in the Gulf Coast and Mountain West regions, which were once top boomtowns during the pandemic.
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