Housing Inventory Report: Market Update — June 10, 2026}

National Inventory Snapshot

Housing inventory in May 2026 remained uneven across major markets. Nationally, sales momentum stayed subdued while mortgage rates held steady, with the 30-year fixed rate at 6.48% and the 10-year Treasury yield at 4.56% according to FRED data as of June 8, 2026. The spread between the two stood at 1.92 percentage points, continuing to influence affordability and buyer activity.

State-Level Inventory Trends

Redfin data shows clear divergence between states. Texas listed 181,844 homes for sale in May 2026, a 2.5% decline year over year. Washington recorded 33,514 homes for sale, up 12.5% from the same month in 2025. North Carolina maintained an average of four months of supply, unchanged from the prior year.

These figures illustrate how local supply dynamics can differ sharply even when national mortgage rates remain elevated.

Mortgage Rates and Buyer Demand

The 6.48% 30-year fixed rate continues to constrain purchasing power for many households. With the 10-year Treasury at 4.56%, the current spread of 1.92 points reflects lender margins and risk pricing that have held relatively steady through the first half of 2026. Higher rates have contributed to slower sales velocity, leaving more listings on the market in states where new listings outpace contract activity.

Months of Supply by State

State	Homes for Sale (May 2026)	YoY Change	Months of Supply
Texas	181,844	-2.5%	Not reported
Washington	33,514	+12.5%	Not reported
North Carolina	Not reported	Not reported	4.0

The table above uses the most recent Redfin figures. Four months of supply in North Carolina sits at the upper end of what many economists consider a balanced market, suggesting buyers there face fewer bidding wars than in tighter coastal metros.

Inventory Composition and Days on Market

National Association of REALTORS research indicates that more than half of active listings have been on the market longer than typical seasonal averages. This pattern aligns with slower contract activity reported in February 2026, when existing-home sales fell 3.1% year over year. Prolonged days on market increase total available inventory without a corresponding rise in new construction completions.

Regional Implications

In Texas, the 2.5% year-over-year drop in listings points to continued absorption in high-growth metros such as Austin and Dallas-Fort Worth. Washington’s 12.5% increase suggests either rising seller confidence or weaker buyer demand in certain price segments. North Carolina’s steady four-month supply indicates a market that has normalized after earlier pandemic-era shortages.

Outlook for Summer 2026

Absent a meaningful decline in the 30-year fixed rate below 6%, inventory gains are likely to remain state-specific rather than national. Markets with elevated new listings and slower sales will see further accumulation, while states with constrained supply may stay competitive for well-priced homes. Readers can run live scenarios at HomeRates.ai to model monthly payments under current rate conditions.

Bottom Line

May 2026 data reveal a housing market where inventory is expanding in Washington (+12.5%) while contracting in Texas (-2.5%), with North Carolina holding steady at four months of supply. At a 6.48% 30-year fixed rate, buyers should expect selective opportunities rather than broad price relief until either rates ease or new construction accelerates meaningfully.