Inventory continues to climb as buyers are at a standstill. Nationally, we have 40% more inventory than last year at this time, with some regions getting hit harder than others. And while we still have a third fewer homes on the market now than we did at the end of October 2019, that gap is closing by 1-1.5% per week.
Meanwhile price reductions have not abated. This week almost 43% of homes on the market have had a price cut. As with inventory this is highly regional, but there are a lot of markets where more than 50% of the homes for sale have had a price cut.
In this week’s Altos update, I talk about which market is seeing the biggest rise in inventory, check in on pending sales, new listings, and home prices, and more.