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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. When assessing home price momentum, ResiClub believes it’s important to monitor active listings and months of supply. If active listings start to rapidly increase as homes remain on the market for longer periods, it may indicate pricing softness or weakness. Conversely, a rapid decline in active listings could suggest a market that is heating up. Since the national Pandemic Housing Boom fizzled out in 2022, the national power dynamic has slowly been shifting directionally from sellers to buyers. Of course, across the country that shift has varied significantly. Generally speaking, local housing markets where active inventory has jumped above pre-pandemic 2019 levels have experienced softer home price growth (or outright price declines) over the past 36 months. Conversely, local housing markets where active inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced more resilient home price growth over the past 36 months. Where is national active inventory headed? National active listings are on the rise (+21% from August 2024 tod August 2025). This indicates that homebuyers have gained some leverage in many parts of the country over the past year. Some sellers markets have turned into balanced markets, and more balanced markets have turned into buyers markets. Nationally, were still below pre-pandemic 2019 inventory levels (-11% from August 2019), and some resale markets, in particular chunks of the Midwest and Northeast, still remain tight-ish. While national active inventory is still up year over year, the pace of growth has slowed in recent monthsmore than typical seasonality would suggestas some sellers have thrown in the towel and delisted (more on that in another piece). August inventory/active listings* total, according to Realtor.com: August 2017 -> 1,325,358 August 2018 -> 1,285,666 August 2019 -> 1,235,257 August 2020 -> 779,558 August 2021 -> 574,638 (overheating during the Pandemic Housing Boom) August 2022 -> 726,779 August 2023 -> 669,750 August 2024 -> 909,344 August 2025 -> 1,098,681 If we maintain the current year-over-year pace of inventory growth (+189,337 homes for sale), we’d have 1,288,018 active inventory come August 2026. Below is the year-over-year percentage change by state: !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}(); While active housing inventory is rising in most markets on a year-over-year basis, some markets still remain tight-ish (although it’s loosening in those places too). As ResiClub has been documenting, both active resale and new homes for sale remain the most limited across huge swaths of the Midwest and Northeast. Thats where home sellers this spring had, relatively speaking, more power. In contrast, active housing inventory for sale has neared or surpassed pre-pandemic 2019 levels in many parts of the Sunbelt and Mountain West, including metro-area housing markets such as Punta Gorda, Florida, and Austin. Many of these areas saw major price surges during the Pandemic Housing Boom, with home prices getting stretched compared to local incomes. As pandemic-driven domestic migration slowed and mortgage rates rose, markets like Tampa, Florida, and Austin faced challenges, relying on local income levels to support frothy home prices. This softening trend was accelerated further by an abundance of new home supply in the Sunbelt. Builders are often willing to lower prices or offer affordability incentives (if they have the margins to do so) to maintain sales in a shifted market, which also has a cooling effect on the resale market: Some buyers, who would have previously considered existing homes, are now opting for new homes with more favorable deals. That puts additional upward pressure on resale inventory. In recent months, that softening has accelerated again in West Coast markets tooincluding much of California. !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}(); At the end of August 2025, 14 states were above pre-pandemic 2019 active inventory levels: Alabama, Arizona, Colorado, Florida, Hawaii, Idaho, Nebraska, Nevada, Oklahoma, Oregon, Tennessee, Texas, Utah, and Washington. (The District of Columbiawhich we left out of this analysisis also back above pre-pandemic 2019 active inventory levels. Softness in D.C. proper predates the current administrations job cuts.) !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["daawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}(); Big picture: Over the past few years weve observed a softening across many housing markets as strained affordability tempers the fervor of a market that was unsustainably hot during the Pandemic Housing Boom. While home prices are falling some in pockets of the Sunbelt, a big chunk of Northeast and Midwest markets still eked out a little price appreciation this spring. Nationally aggregated home prices have been pretty close to flat in 2025. Below is another version of the table above, but this one includes every month since January 2017: !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}();
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E-Commerce
Early on in my career, I was focused on being efficient. I wanted to be productive. I wanted to make an impact. And I thought I had mastered the email game in corporate America. Respond quickly; copy in your boss and others so they know what youre doing; hold onto emails for documentation and forward them back when people get confused. You send too many emails, my boss said, exasperated, in one of our performance reviews. From the feedback from your peers, you email a lot. And its overwhelming the teams. Arent we supposed to be emailing each other?” I asked, confused. Youre supposed to be communicating. Not everything needs to be an email. My boss was right. Somewhere along the way, I embraced email, became obsessed with email, and treated email like it was my job to email, rather than realizing that email was simply a tool to help me do my job better. Years later, Im now sure my coworkers used to dread seeing my name in their inboxes. Over time, they likely just glossed over my name, filing it away in a folder they would never open again. So if you suspect your coworkers might be consistently eye-rolling when your email hits their inboxes, here are three ways to course correct this behavior. Skip that email; make time for a conversation Early on in my career, I was anxious about inconveniencing colleagues in person. I didnt want to take up or waste their time. I defaulted to email as my primary form of communicationbut didnt realize that by sending so many emails, I was inconveniencing them (and damaging my reputation as a manager in the workplace). I encourage all of us to pause and ask, Do I really need to send this email? Ive been guilty of wanting to empty my inbox, to just get that response or task or request into someone elses inbox as quickly as possible. If you feel similarly tempted, ask yourself if you can: Wait to update peers at our weekly team meeting? Stop by their desk in the morning for our question? Ask for advice on the project at our Friday lunch? Text or Slack them and see if they can chat for five minutes? Think about whether you can research or answer the question yourself before hitting send? By skipping that email, you are strengthening the way you communicate with your peers. When you can touch base in person, or over video or audio, also make sure you are efficient or brief. Fight the urge to add to the email chain Recently, I opened my inbox to find more than 50 responses to a reply-all chain that had spiraled out of control. I scrolled through the congrats and great news and well deserved and amazing work and on and on waiting for a breakthrough response or something I might need to know. I deleted it after the 20th message. I didnt need to read the rest of the responses. It can be easy to reply all and pile onto the email chain gone wild. So step away from the keyboard. Instead, ask: Why does everyone need to see our response? What value does our response add to the conversation? Who are we trying to prove our value to? What if we just responded directly to that person rather than filling up everyones inbox? Can we convey our message in person or another format? Remember, every email we send is adding to other peoples inboxes, and in turn, we can expect emails back. So if you want to manage the flow of email, send fewer emails. 3. Just wait to hit send Many organizations still rely on email as a primary form of communication. When you do need to send one, make sure its concise and appropriate Ive been guilty of emailing at midnight. I wanted to get through a project, working fast and furiously and firing off emails to get what I needed done. I never stopped to think about how it would make my coworkers feel to see a barrage of messages from me if they happened to be up that late at night. What I was doing wasnt urgent and worthy of midnight emails: I was just selling lots and lots of consumer products. By consistently acting like everything was urgent, when I really did need my coworkers help, it was even harder to get them to respond. Understanding how we can better work with our coworkers starts with how we communicate. Remember to skip that email when you can and have a quick conversation. Dont add reply all to the email madness. And if you must, just wait to send it. Unless its a real life emergency, that late-night note can wait.
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E-Commerce
If you have an aging furnace, you might have considered replacing it with a heat pumpthe ultra-efficient technology helps shrink utility bills and can have as much climate benefit as switching from a gas car to an EV. But heat pumps are also typically expensive: whole-home systems can sometimes cost $25,000 to $30,000. Jetson, a startup based in Vancouver, says that it can cut those costs in half to $15,000, or roughly the cost of premium gas furnace. In some areas, after adding in local incentives, the cost can be as low as $5,000. With other heat pumps, youve got this huge green premium out there, says Stephen Lake, Jetson’s founder and CEO. Thats one of the core reasons we started Jetson: to try and make this something that would become an easy yes for the average homeowner. The company launched its own heat pump, the Jetson Air, in September 2025. [Photo: Kevin Arnold/Jetson] Lake, who previously started a smart glasses startup that was acquired by Google, decided to work on heat pumps after looking at the biggest opportunities for decarbonization. “If you just look at the numbers across the U.S., about 15% of end energy use goes to residential heating and cooling,” he says. “It’s one of the biggest single buckets of carbon emissions out there. In many cases, your home is emitting at least as much, if not more, CO2 than the car in the driveway.” The technology isn’t newheat pumps have been in use for decades. (Improvements that made the tech work well in very cold temperatures are newer, rolling out over the last 15 years.) But most homes still rely on fossil-fueled heating, and the upfront cost is the main barrier. To bring down cost, the company started by eliminating markups as much as possible. Most heat pumps are made by a manufacturer, relabeled by a brand, sold to a distributor, and then sold through a contractor to a homeowner, with markups at each point. Jetson works with a manufacturer to make its own heat pumps. [Photo: Jetson] Then the team does its own installation. “We really optimized the install process to be a very efficient process, cutting out any wasted labor,” Lake says. “So we’re not like a typical contractor doing something different every day. We’re installing cold climate central heat pumps, basically the same system, every single day over and over.” The company uses software to virtually plan each project, rather than having to send out a crew to take measurements in person. Then, the startup sends out HVAC technicians, an electrician, and all of the parts needed for the whole installation to happen in a single day. The system is designed not only to reduce costs but also to minimize friction for homeowners. Typically, getting a heat pump is a multistep construction projecta homeowner would have to find HVAC contractors, schedule time for them to come give quotes, and spend time choosing between appliances. “You’re trying to navigate this complex web of rebates and incentives and then a very technical sales process around which model you want,” Lake says. Often, homeowners also need to separately hire an electrician. Jetson’s site can give a quote, and information about available rebates, within a few minutes. The company’s heat pump uses software to continually update itself and to improve performance. To help consumers save more on bills, for example, it can time itself to run when electricity prices are lowest. Right now, the startup only works in a few locations: British Columbia, Colorado, and Massachusetts, with New York launching shortly. Those locations all have the right conditions, Lake says, including consumer awareness of heat pumps, relatively high utility bills for oil or gas heat, and good incentives. In Massachusetts, for example, consumers can save thousands on a new heat pump through rebates. Until the end of 2025, Americans can also use the federal tax credit of up to $2,000. But even without that incentive, the product can make financial sense. Lake says that demand has been strong; after launching the startup last October, it’s on track to install around 1,000 systems by the end of the year.
Category:
E-Commerce
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