More Inventory Nationally — But Still Below Pre-Pandemic Norms

The year-over-year improvement in national inventory has been real and meaningful. However, even with significant percentage gains, the total number of homes available nationally remains well below the levels that characterized 2017–2019 — the last period considered a relatively balanced market. Estimates suggest the country was still roughly 29% below pre-pandemic inventory norms even as supply was recovering.

As housing analyst Bill McBride of Calculated Risk has noted:

"currently inventory is increasing year-over-year but is still well below pre-pandemic levels."

This context matters: a nearly 37% year-over-year increase sounds dramatic, but when starting from historic lows, that gain still leaves the market well short of the inventory conditions that created meaningful buyer leverage in the mid-2010s.

Regional Variation: Where Inventory Has Recovered More

Inventory recovery has been uneven across the country. Some regions — particularly parts of the Sun Belt that saw the largest pandemic-era price spikes and significant new construction — have recovered toward pre-pandemic inventory norms faster than supply-constrained markets in the Northeast and parts of Florida.

Palm Beach County sits in a category where inventory recovery has been more limited: established communities with little available land for new construction, strong in-migration demand, and a buyer pool that includes cash and equity-heavy purchasers who are less rate-sensitive than national averages. The inventory picture in Wellington’s core neighborhoods reflects these constraints.