Source: National Association of REALTORS®. Months of existing-home supply, August readings, 2015-2026.
The inventory of homes for sale in the United States has moved back toward levels last seen around the middle of the previous housing cycle.
According to the National Association of REALTORS®, existing homes represented 4.9 months of supply in August 2026.
That compares with 5.2 months in August 2015, a difference of just 0.3 month. The path between those two numbers is pretty interesting.
Months of supply fell from 5.2 in August 2015 to 4.0 in August 2019, before dropping sharply during the pandemic housing boom.
By August 2020, supply was down to 3.0 months, and went on to reach 2.6 months in August 2021.
Since then, inventory has been moving back up: 2022: 3.2 months 2023: 3.3 months 2024: 4.2 months 2025: 4.6 months 2026: 4.9 months
NAR reported that 4.9 months of supply in August 2026 was the highest level in more than ten years. Months of supply measures how long it would take to sell the homes currently available at the existing sales pace.
It should be understood that this comparison does not mean current housing-market conditions are the same as they were in 2015.
Mortgage interest rates, home prices and conditions for buyers are all significantly different.
Nonetheless, if we look at existing-home months of supply in August specifically, the market came surprisingly close to where it was in 2015.
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