In August 2026, the supply of existing homes in the US reached 4.9 months, the highest level recorded since 2015. According to the National Association of Realtors, total inventory rose to 1.62 million homes, up from 4.6 months in July.
Despite the increase in supply, sales fell by 2.0% month-over-month to a seasonally adjusted annual rate of 3.98 million. Median home prices and year-to-date sales both saw a 1.6% increase. Wage growth reached 3.1% in August.
The market remains below the 5–6 month supply range typically viewed as neutral. While 18 states have exceeded pre-pandemic active listing levels, national inventory remains 7.7% lower than in August 2019.
High mortgage rates continue to impact demand, keeping sales at 3.98 million. The industry notes a lingering lock-in effect from homeowners who secured mortgages at rates of 3% or below during 2020 and 2021.
