Supply in months grows along with size of price reductions.
Supply in months grew this week with active inventory aging and fewer units going under contract to 1.8 months. This is the highest it has been since we were in quarantine in 2020, and prior to that in September of 2019. Based on data from 2013-2021 the average supply in months for October is 1.7 months. While this number is up we are still considered to be in an extreme seller's market.
Price reductions grew to their highest levels Since May of 2012 to an average of a 7% price reduction for units that went under contract last week, representing 47.1% of homes that were placed in the pending status last week. Price reductions for the month of October are typically closer to 5.2% based on data from 2013-2021.
