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One of the ways I’ve been tracking shifts in the supply-demand equilibrium of local housing markets for years is by monitoring changes in active inventory/months of supply. If active listings begin to rise rapidly while homes remain on the market longer, it may indicate pricing softness or weakness. Conversely, a sharp decline in active listings/months of supply could suggest a market that is heating/tightening up.
Since the national Pandemic Housing Boom fizzled out and mortgage rates spiked in summer 2022, directionally, that supply-demand equilibrium has been shifting in the favor of buyers. Indeed, while decelerating, national active inventory for sale is still up +8.1% year-over-year—and now active inventory for sale is only -13.6% below pre-pandemic 2019 levels.
Broadly speaking, the reason isn’t that there are significantly more new listings. Instead, it’s that, relatively speaking, sellers in the post-Pandemic Housing Boom period are finding more resistance. As a result, homes are spending more time on the market and are therefore being counted as inventory for longer.
How long the typical U.S. home listed for sale on Zillow.com before it went pending:
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
Active housing inventory for sale = All properties for sale in a given month, excluding pending listings. If homes take longer to sell, and begin to rollover into the next month, it begins to build active inventory for sale even if new listings coming onto the market don’t spike. That’s exactly what many housing markets have been experiencing.
In other words, it’s no coincidence that both the national median days to pending and the national active housing inventory for sale are just about back to pre-pandemic 2019 levels—to a degree, they’re interconnected.
Of course, this story varies a lot across the country right now.
The softer/weaker housing market pockets in the Southwest and Southeast have seen median days to pending rise more than in their relatively tighter peer markets in the Northeast and Midwest.
Among the nation’s 250 largest metro area housing markets, these 15 markets had the highest median days to pending in February 2026:
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
Among the nation’s 250 largest metro area housing markets, these 15 markets had the lowest median days to pending in February 2026:
Lancaster, PA —> 9 days
Hartford, CT —> 11 days
Rochester, NY —> 11 days
Reading, PA —> 11 days
Manchester, NH —> 11 days
Springfield, IL —> 11 days
Norwich, CT —> 12 days
Rockford, IL —> 13 days
Syracuse, NY —> 15 days
York, PA —> 15 days
St. Louis, MO —> 16 days
San Jose, CA —> 16 days
Allentown, PA —> 16 days
Bridgeport, CT —> 17 days
New Haven, CT —> 17 days
