More Homes Are For Sale But Prices Are Out of Reach for Buyers

Washington, DC, May 20, 2026-Households today can access about one-quarter fewer homes than they could in a balanced market, according to a new joint report from the National Association of Realtors and Realtor.com.

In March 2026, the Listing-Income Alignment Score reached 74.9% nationally, up from 66.7% a year earlier. However, both figures remain below the pre-pandemic baseline of 84.4%.

“Housing supply is growing, and affordability is improving. However, the U.S. housing market continues to face a structural mismatch between the homes available for sale and what buyers can afford,” said NAR principal economist and director of Real Estate Research Nadia Evangelou. “Too much of the inventory available today remains concentrated at higher price points, leaving a shortage of options for entry-level and middle-income buyers. This is preventing home sales from reaching pre-pandemic levels.”

The mismatch is most pronounced among middle-income households who can only access about 23% of listings nationwide. In a balanced market, middle-income households-who earn approximately $75,000 per year-can access 44% of listings. To achieve a balanced market, the country needs roughly 311,000 more listings priced under $261,000-the ceiling of listing prices accessible to middle-income households.

Among the 100 largest metro areas, the most aligned markets are concentrated in the Midwest, where home prices remain more closely tied to local incomes. The five most aligned markets include:

Toledo, Ohio (107.4%)

St. Louis, Mo. (106.0%)

Akron, Ohio (105.0%)

Pittsburgh, Pa. (102.6%)

Detroit, Mich. (102.4%)

The five metros with the most constrained markets include:

Los Angeles, Calif. (39.4%)

San Diego, Calif. (45.0%)

Oxnard, Calif. (46.8%)

Providence, R.I. (50.5%)

Boise City, Idaho (53.2%)

Nearly all major markets showed improvement over the past year, with 99 of the 100 largest metros recording gains or remaining flat. Madison, Wisconsin, was the only major metro to see alignment decline over the past year, falling almost eight percentage points to 63%. The largest gains came from markets that experienced the fastest price appreciation during the pandemic housing boom, including:

Lakeland, Fla. (+18.3 percentage points)

McAllen, Texas (+14.7 percentage points)

Las Vegas, Nev. (+14.0 percentage points)

New Orleans, La. (+13.2 percentage points)

Cape Coral-Fort Myers, Fla. (+13.0 percentage points)