Months of Housing Supply by State: A Complete 2026 Snapshot

The national existing-home market hit 4.6 months of supply in June 2026, the highest reading since early 2019. That headline number sounds like relief, but it tells almost nothing about what is happening in Austin versus Buffalo or Phoenix versus Portland.

What "Months of Supply" Actually Means

Months of supply measures how long it would take to sell every home currently listed at the current pace of sales. Six months is the traditional threshold between a buyer's market and a seller's market. Below six months, sellers hold pricing power. Above six months, buyers gain leverage and price cuts become common.

New construction and existing homes are tracked separately, and the gap between them is significant in 2026. New homes nationally sit at approximately 9.3 months of supply as of June 2026, down slightly from 9.4 months in May. That elevated new-home figure reflects a surge in completed spec inventory in Sun Belt markets where builders overbuilt relative to current mortgage-rate demand.

The States With the Most Inventory (Buyer's Markets)

Several states have crossed well above the six-month threshold, giving buyers negotiating room they have not had since before 2020.

Florida leads the continental United States with an estimated 7.2 months of existing-home supply statewide as of mid-2026. Condo inventory in South Florida is even more extreme, pushed higher by new insurance requirements and rising HOA assessments. Cape Coral, Fort Myers, and parts of the Tampa Bay metro are seeing 8-plus months in specific zip codes.

Texas sits around 6.8 months statewide. The Dallas-Fort Worth and Austin metros have seen the sharpest inventory increases, driven by new construction completions and out-migration from pandemic-era transplants who are now relocating again.

Louisiana, Mississippi, and Arkansas each show supply above 6 months, reflecting both slower population growth and persistent affordability pressure that is keeping buyers on the sidelines despite lower nominal prices.

If you are evaluating a move to a buyer's market state, it is worth pairing housing cost analysis with the full tax picture. Florida has no income tax, but its property insurance costs and rising property taxes in high-appreciation counties can erode those savings quickly. Our breakdown of the true cost of living in high-tax states puts those tradeoffs in sharper focus.

The States Still Stuck in Seller's Markets

The Northeast and upper Midwest remain structurally undersupplied. These markets never saw the builder activity that the Sun Belt attracted, and zoning restrictions continue to limit new supply.

New Hampshire, Vermont, and Maine are all running below 2.5 months of existing-home supply. Median days on market in Manchester, NH remains under 20 days. Portland, ME is similarly tight.

Illinois outside of Chicago is a different story, but the Chicago metro itself sits around 2.8 months, keeping sellers in control despite the state's well-documented fiscal challenges and a property tax burden that ranks among the highest in the country.

California as a whole averages roughly 2.9 months. The Bay Area and coastal Southern California submarkets are under 2 months in many areas. High prices and near-zero turnover among locked-in homeowners with sub-3% mortgages are both suppressing supply simultaneously.

Washington state mirrors California at approximately 3.1 months. The Seattle metro's tech employment base has kept demand firm even as mortgage rates remain elevated.

Buyers considering locked-up markets in the Northeast should factor in the full state tax environment before committing. See our Florida vs. California tax comparison for a side-by-side look at what high-cost, low-inventory states actually cost beyond the purchase price.

What This Means If You Are Deciding Where to Buy in 2026

Months of supply is a leading indicator of price direction. States above 6 months are already showing median price softness year over year. Florida's statewide median dropped approximately 3.1% year over year through Q2 2026. Texas metros like Austin are down 4-6% from their 2022 peaks depending on the submarket.

States below 3 months are still appreciating. New Hampshire and Vermont are posting 4-6% year-over-year gains in median prices despite the highest mortgage rates in two decades.

If you are evaluating housing cost as part of a broader relocation decision, inventory data alone is not enough. Use our state comparison calculator to layer housing costs on top of income taxes, property taxes, and cost of living indexes for a complete picture.

Key Takeaways

• The national existing-home supply hit 4.6 months in June 2026. Six months is the buyer/seller market threshold. Most of the country is still below it.
• Florida (7.2 months) and Texas (6.8 months) are the largest buyer's markets by supply. New Hampshire (2.3 months) and coastal California (under 2 months in key metros) remain the tightest.
• New homes nationally sit at 9.3 months of supply, a separate and more elevated figure driven by Sun Belt builder overproduction relative to current demand.

Compare housing supply, tax burden, and cost of living side by side for every state at Live or Die Here.