Just a few years ago, the conversation was about how there were no homes to buy. That story is changing fast.

According to the latest data from ResiClub and Realtor.com, 66 of the nation's 200 largest housing markets now have more active inventory than they did before the pandemic in February 2019.

To understand how dramatic that shift is, think back to February 2022. There were only about 346,000 homes for sale across the entire country. That was roughly 68% below where things stood in February 2019. At that point, not a single one of the 200 largest metros had more inventory than before the pandemic.

By February 2026, there were about 915,000 active listings nationally, and a full third of major markets have now crossed back above their pre-pandemic inventory levels.

Utah has been above that 2019 threshold for a while now. We're not new to this list. But the fact that 66 metros have now joined us tells a bigger story about where the national housing market is headed, and what it means for buyers and sellers right here.

The pattern is consistent. The markets seeing the biggest inventory buildups are the same ones that saw the most extreme price growth during 2020-2022. Places like Austin, Cape Coral, and other Mountain West and Sun Belt boomtowns where home prices got stretched way beyond what local incomes could support.

When pandemic-fueled migration slowed down and mortgage rates jumped, those markets had to rely on local buyers to sustain inflated prices. That didn't work. Add in a wave of new construction across the Sun Belt, and you've got inventory climbing fast.

Meanwhile, markets in the Midwest and Northeast that weren't as dependent on pandemic migration have stayed relatively tight. Less new construction, less migration pullback, and fewer homes sitting unsold.

Utah shows up on the "above 2019 inventory" list alongside places like Austin and Cape Coral. But our market is a bit different.

A huge percentage of Utah's population growth comes from natural increase (more births than deaths), not just people moving here from out of state. That's a huge distinction. Markets that boomed purely on pandemic migration are the ones getting hit the hardest right now because new construction ramped right as a lot of that migration demand has slowed. Utah's demand is rooted in durable population growth.

We're also still adding jobs across the Salt Lake City, Provo, and Ogden metro areas. That kind of organic, locally driven demand creates a floor under our market that migration-dependent boomtowns don't have.

So yes, we have more inventory than 2019, and prices have reflected that. But we also have the population growth and job creation to absorb it over time, hence why we haven’t seen 20-30% declines like you’re seeing in some markets like areas of Texas and Florida.

Nationally, the pace of inventory growth is actually starting to slow down. Active listings are up about 8% year over year, but that rate has been decelerating in recent months. Even some of the weakest markets in Florida are starting to see inventory level off or tick down slightly.

The general rule from the data: markets where inventory has returned to 2019 levels have seen weaker price growth (or outright declines) over the past 45 months. Markets where inventory is still well below 2019 have seen stronger prices hold up.

Utah sits in an interesting spot. We've been above 2019 levels, but our fundamentals are stronger than most of the other markets on this list, leading to a pretty balanced market overall. That's worth keeping in mind before drawing conclusions from the headline alone.

You have more options than you've had in years. More listings mean more choices, more time to make decisions, and more room to negotiate. This is a real shift from the frenzy of 2021-2022 when you had to waive inspections and offer over asking just to compete.

Builders are competing for your business. With inventory up and new construction still coming online, builders are offering rate buy-downs, closing cost credits, and upgraded finishes. That competition benefits you whether you end up buying new or resale.

Don't wait for "perfect" conditions. Mortgage rates have bounced around lately (the Iran conflict pushed rates from about 5.99% to roughly 6.43% over the past month), and the rate environment is unpredictable. What you can control is buying in a market with strong long-term fundamentals, and Utah checks that box.

More inventory means buyers have options, and your pricing strategy needs to reflect that. Homes priced right from day one are still selling. Homes that are overpriced are sitting, and every week on market costs you leverage.

New construction is your direct competition. Builders backed by deep-pocketed investors are offering brand new homes with incentives that are hard to ignore. Your resale listing needs to compete with that reality.

This is exactly the market where homes fail to sell. I track expired and failed listings across Utah every single day. The number one reason homes don't sell right now? Pricing that reflects 2022 instead of 2026. If your home has been sitting or a previous listing didn't work out, a fresh strategy built around today's data can make all the difference.

The national inventory picture is shifting fast. A third of the country's largest markets now have more homes for sale than before the pandemic, and Utah has been part of that group for a while.

But more inventory doesn't automatically mean a weak market. It means the market is normalizing after the craziest run-up in modern housing history. Utah's long-term fundamentals (population growth, jobs, and demand that isn't dependent on pandemic era buying frenzies) set us apart from the boomtowns that are truly struggling.

For buyers, this is the best environment you've had since before the pandemic. For sellers, the margin for error on pricing has gotten thinner than it's been in years, and you need a professional that can advise you on the best strategies to get the most out of your home equity.

Here to serve,

P.S. Want to know exactly how your neighborhood's inventory compares to where it was before the pandemic? Reply with your address and I'll pull the numbers for your specific area, including how many active listings you're competing with right now. No strings attached, just the data.