U.S. Existing Home Supply Hits 4.4 Months in April 2026; Affordability Squeeze Limits Entry-Level Listings

The U.S. existing-home inventory reached a 4.4-month supply in April 2026, according to data dividing 1.47 million active listings by an average monthly sales pace of 335,000 units. That reading, slightly below a balanced market, contrasts with a 9.4-month supply for new residential homes reported by the Census Bureau. National Association of Realtors principal economist Nadia Evangelou said households earning about $75,000 annually can afford only 25% of current listings, versus 44% in a balanced market. An additional 300,000 homes priced at or below $261,000 are needed to bridge the gap, NAR research found. JP Morgan Private Bank in a 2025 analysis flagged a persistent shortfall of middle-income inventory. Before the pandemic, the median-priced home was about $260,000 with mortgage rates below 4%, yielding a monthly payment near $1,000. Now, the median tops $400,000 and rates exceed 6%, pushing monthly payments above $2,100 and sidelining many would-be buyers.