U.S. Housing Inventory Hits 1 Million+ Listings – First Time Since Winter 2019

In May 2025, the U.S. housing market saw a significant shift: active listings climbed past 1 million homes, the first time this milestone has been reached since winter 2019—before the pandemic surge slammed inventories to historic lows.

📌 What the Data Shows

• Total active listings hit approximately 1,036,101 by May—a 31.5% year-over-year increase 

• New listings also rose by 7.2% compared to May last year

• A growing 19.1% of active homes saw price reductions—the highest May level since at least 2016.

• Houses stayed on the market a median of 51 days, up six days from the previous year floridarealtors.org.

• Meanwhile, the national median listing price held steady at $440,000, rising only 0.1% year-over-year stocktitan.net.

🗺 Regional Recovery & the Florida Effect

Inventory recovery across U.S. metros shows stark regional differences:

• Only 22 of the 50 largest metro areas—all in the South or West—have returned to pre-pandemic inventory levels osceolarealtors.org.

• Florida metros saw dramatic gains. For instance, Cape Coral–Fort Myers reported a 36% jump in active listings from May 2024, with Tampa+ area up 31% and other metros likewise surging wolfstreet.com.

📉 What This Means for Buyers & Sellers

• Buyers: More options and greater leverage are now available in previously red-hot markets.

• Sellers: Homes are remaining on the market longer; price reductions are increasingly common as competition grows.

• Investors & agents: Need to adjust strategy to account for evolving market dynamics—from staging updates to negotiating flexibility.

🧾 At a Glance

As inventory recovers, Florida buyers may find themselves in a more balanced market than in the past several years. But with prices still elevated and homes staying listed longer, thoughtful preparation remains key—whether you're buying, selling, or advising.