By Late-Q3 2026, US active listings were ↑~6% yearly, the third straight month of faster yearly growth, giving buyers a bit more leverage.
That gain followed a softer stretch: annual growth had slowed to ~2% in Late-Q2 2026, far below the ~17% pace recorded a year earlier.
National inventory still sat just under pre-pandemic levels in Late-Q3 2026, with 1.16M active listings, roughly ~5% below the comparable 2019 benchmark.
With mortgage rates and long-term yields at two-yr highs, demand cooled; with the slower season underway, buyers saw a little more negotiating room.
For a sharper local read, compare current active listings per 1K households with the 2018-2019 avg. to see whether supply is above pre-pandemic norms.