Fresh housing data released in late August shows a turning point in the U.S. property market, as several major metropolitan areas are seeing a surge in active home listings. After years of historically tight supply and heightened buyer competition, the shift is beginning to open new opportunities for those who have struggled to purchase a home.
The biggest increase was recorded in Dallas, where active listings jumped an astonishing 74.3% compared to the same time last year. The number of homes on the market rose from around 26,500 to over 34,000. This represents one of the sharpest single-year inventory gains among the nation’s largest metro areas, signaling that a once overheated housing environment in Texas may be cooling enough to give buyers some leverage.
Las Vegas also posted significant growth in housing supply, with active listings up 34.5% year over year. Perhaps more notable is the increase in months of supply, which rose by more than 60%, from 2.6 to 4.2 months. That metric—closely watched by housing economists—indicates how long it would take for all existing listings to sell at the current pace of sales. A four-month supply suggests the market is becoming more balanced, giving buyers additional negotiating power compared with the frenzied conditions of recent years.
Other markets are showing similar progress. Durham, North Carolina, experienced a 37.4% rise in active listings, the largest percentage increase among the 100 most populous U.S. metros. Denver, Austin, and Seattle also stand out, with inventory levels not only recovering from the pandemic but surpassing pre-COVID averages. Denver’s housing supply has effectively doubled compared with 2017–2019 levels, while Austin and Seattle have seen increases of 69% and 61%, respectively.
These shifts come at a time when the national housing market continues to wrestle with elevated mortgage rates, which remain above 6.5% for a 30-year fixed loan. Higher borrowing costs have discouraged some would-be buyers, but they have also slowed down sellers, many of whom have been reluctant to give up mortgages locked in at much lower rates. The increase in listings suggests more homeowners are now choosing to sell despite the rate environment, perhaps reflecting greater confidence in their ability to buy another home or a need to relocate for work and family reasons.
Economists note that while inventory is rising in certain metros, the broader U.S. market still faces a housing shortfall. Estimates put the national deficit at around 3.8 million homes, a gap created by years of underbuilding and rising demand. As a result, while some markets are shifting toward balance, many others remain tight, particularly in parts of the Midwest and Northeast where new construction has lagged.
For buyers in regions like Dallas, Las Vegas, and Denver, however, the change is already tangible. Homes are staying on the market longer, bidding wars are less intense, and price growth has slowed. In some areas, sellers are beginning to offer concessions such as help with closing costs or mortgage rate buydowns—signs that leverage is tilting slightly back toward buyers after years of seller dominance.
Housing experts believe this could mark an important transitional period. If the inventory surge continues through the fall, it may encourage more homeowners to list their properties, further easing supply constraints. That could, in turn, stabilize home prices and improve affordability for first-time buyers, a group that has been particularly hard hit by rising costs in recent years.
Still, the extent of relief will depend heavily on local dynamics. Some metros are rebounding strongly, while others remain locked in supply shortages. The uneven nature of the recovery suggests buyers will need to pay close attention to conditions in their specific markets. Yet overall, the latest data offers a rare glimmer of optimism for those who have spent years facing a frustratingly competitive housing landscape.