After more than 35 years as a full-time real estate broker, I’ve learned to read the market’s subtle shifts. By late Q3 2026, U.S. active listings were up about 6% year-over-year—the third consecutive month of accelerating growth. While that’s a change from the softer pace we saw in late Q2 (just 2% annual growth), it’s still a far cry from the nearly 17% surge we witnessed a year ago. Even with 1.16 million active listings nationwide in late Q3, inventory remains just under pre-pandemic levels—about 5% below the same period in 2019. With mortgage rates and long-term yields reaching two-year highs, demand has understandably cooled, and as the slower season settles in, buyers are finding a bit more negotiating power. For a true sense of your local market, I always compare current active listings per 1,000 households to the averages from 2018–2019. This approach helps clarify whether supply is really above pre-pandemic norms, which is essential for both buyers and sellers navigating today’s landscape.