July existing-home sales edged up 0.7% from a year earlier, but the seasonally adjusted annual sales pace remained historically weak after nearly four years of subdued activity.
Active listings rose 2.1% year over year, while new listings were unchanged, signaling that the national inventory recovery has largely stalled after months of only modest gains.
Inventory still sat 11.6% below typical 2017-19 levels in July, roughly unchanged from last month’s 11.3% gap, even though months-of-supply stayed above pre-pandemic norms.
Homebuilders faced a tougher 2026 backdrop, with elevated completed-home inventory, more unsold homes under construction and price cuts used to clear supply.
Seasonal patterns suggest active listings will stay mostly flat in coming months before declining later in the year, with regional differences still shaping local market conditions.