{"id":63780,"date":"2026-08-13T03:00:26","date_gmt":"2026-08-13T01:00:26","guid":{"rendered":"https:\/\/housesmarketplace.com\/inventory-is-down-year-over-year-but-months-of-supply-says-the-market-is-functioning\/"},"modified":"2026-08-13T03:00:26","modified_gmt":"2026-08-13T01:00:26","slug":"inventory-is-down-year-over-year-but-months-of-supply-says-the-market-is-functioning","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/inventory-is-down-year-over-year-but-months-of-supply-says-the-market-is-functioning\/","title":{"rendered":"Inventory is down year over year, but months of supply says the market is functioning"},"content":{"rendered":"
\n

Housing inventory is down year over year, and price growth stands at 2.0% per the NAR \u043e\u0442\u0447\u0435\u0442 \u043e \u043f\u0440\u043e\u0434\u0430\u0436\u0430\u0445 \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u0445 \u0434\u043e\u043c\u043e\u0432<\/a>. That combination might seem bad for affordability, but the truth is \u0438\u043d\u0432\u0435\u043d\u0442\u0430\u0440\u044c \u0436\u0438\u043b\u044c\u044f<\/a> is back at a healthy level, with price growth still in check and below wage growth, which ran at 3.2% in the July jobs report<\/a>. <\/p>\n

Also, housing inventory is only down a smidge year over year, but today I want to highlight why that is important going forward for years to come.<\/p>\n

The housing inventory data from NAR isn\u2019t a shock to our readers and those who have listened to our \u043f\u043e\u0434\u043a\u0430\u0441\u0442.<\/a> The supply and demand equilibrium changed in mid-June of 2025 and when rates fall and demand picks up a bit, it\u2019s hard for inventory to really grow. However, inventory-wise, even though we aren\u2019t back to the normal levels of 2-2.5 million, we have been at much healthier inventory levels in both 2025 and 2026.<\/p>\n

I have always believed that if we have total active inventory levels between 1.52 million and 1.93 million with four months of supply, we are good: there\u2019s no shortage and we have plenty of homes out there to have a functioning marketplace. Today, we are at 1.54 million units with 4.6 months of supply.<\/p>\n

Housing inventory levels in both 2025 and 2026 have slowed price growth down to much healthier levels, running between 1%-2% growth nationally. This is much better than what we saw in 2020, which had 10% home-price growth, 2021, which had 19% home-price growth, and 2022, when even with sales crashing that year, we had 6% home-price growth.<\/p>\n

With this type of home-price growth in 2025 and 2026, affordability is getting a bit better on its own without help from lower mortgage rates.<\/p>\n

NAR report<\/a>: Existing-home sales decreased by 1.7% month-over-month and increased 0.7% year-over-year, according to the National Association of REALTORS\u00ae<\/sup> Existing-Home Sales report. <\/p>\n

\u201cHome sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,\u201d said NAR Chief Economist Lawrence Yun. \u201cYear-to-date sales are up 2.4% and there\u2019s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%.\u201d <\/p>\n

<\/em>As you can see in the chart below, home sales haven\u2019t really gone anywhere for years, but they do perform better under one backdrop: when \u0441\u0442\u0430\u0432\u043a\u0438 \u043f\u043e \u0438\u043f\u043e\u0442\u0435\u0447\u043d\u044b\u043c \u043a\u0440\u0435\u0434\u0438\u0442\u0430\u043c<\/a> are closer to 6%.<\/p>\n

\u041c\u043e\u0439 2026 forecast <\/a>for existing home sales was for 237,000 more home sales if mortgage rates could stay at 6.25% or lower, because since the start of 2023, housing demand has performed better when rates get below 6.64% and head toward 6%. This year, once you exclude the snowstorm data, housing demand has been positive almost every week when mortgage rates are closer to 6%. Existing home sales have even held up with mortgage rates between 6.25%-6.50%. However, now with mortgage rates above 6.64%, we can see in our data that housing demand is slowing down \u2014 nothing too bad, but not growing like we had seen before. <\/p>\n

One thing to remember: the year-over-year comps will make it harder for housing to show growth in demand. Takeaway point: today\u2019s \u0434\u0430\u043d\u043d\u044b\u0435 \u043f\u0440\u0438\u043b\u043e\u0436\u0435\u043d\u0438\u044f \u043f\u043e\u043a\u0443\u043f\u043a\u0438<\/a> is up 3% week to week but down 1% year over year. Last year at this time, mortgage rates started to fall, so demand started to pick up; so take that variable into consideration going forward.<\/p>\n

\u0417\u0430\u043a\u043b\u044e\u0447\u0435\u043d\u0438\u0435<\/h2>\n

Overall, not too much is happening in housing if you read all the data together \u2014 prices are up just a smidge, home sales are up 2.4% year to date and there is not much growth in inventory. However, when you look at the internal storylines, there are a lot of positive things happening this year which didn\u2019t happen during the years following COVID. <\/p>\n

Mortgage rates are close to yearly highs as the conflict with Iran persists and a lot of Fed members want rate hikes<\/a>, but for now, housing has held up better than in previous years, and a lot of that has been due to inventory growing from a \u0434\u0438\u043a\u043e \u043d\u0435\u0437\u0434\u043e\u0440\u043e\u0432\u044b\u0439<\/a> level in 2022 to a healthier level in 2026.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Housing inventory is down year over year, and price growth stands at 2.0% per the NAR existing home sales report. That combination might seem bad for affordability, but the truth is housing inventory is back at a healthy level, with price growth still in check and below wage growth, which ran at 3.2% in the […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63780","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nInventory is down year over year, but months of supply says the market is functioning - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/inventory-is-down-year-over-year-but-months-of-supply-says-the-market-is-functioning\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inventory is down year over year, but months of supply says the market is functioning\" \/>\n<meta property=\"og:description\" content=\"Housing inventory is down year over year, and price growth stands at 2.0% per the NAR existing home sales report. 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