Corrected numbers for last week, supply in months up and price reductions increase.
Unfortunately, I made some errors in last week's report when it came to market activity. I had reported that there was a sudden jump in buyer activity. Being concerned with this sudden onslaught of activity I went through and re-did the report for last week as those numbers were unfortunately incorrect and I apologize for my error. You will find all of the corrected numbers in this week's report. Supply in months reached its highest levels at 2.0 months' worth of inventory, levels we have not seen since November of 2018. Buyers are exerting their negotiating power in light of having more choices.
Price reductions climbed to an all-time high in both quantity and size of price reduction for units going under contract this week. For the first time since March of 2011 the rate of price reductions is over 50% of listings making price reductions, more specifically 52.6% of listings that went under contract last week made price reductions. The average price reduction was 8.0%, which we haven't seen since March of 2012. Pricing conservatively, staging, pre-inspections and patience are paramount in this market.
