Inventory is down for the second week in a row. This is what we’d normally expect in November… but since mortgage rates spiked in early September, inventory has been climbing. So the fact that inventory is ticking down again now is a bit of a relief. This is also a signal that there aren’t any waves of new inventory coming from panicky sellers.
We can also see that the shock of that September rate spike has maybe started to wear off too, by looking at price reductions. Right now nationally 43.2% of the homes on the market have taken a price cut, which is basically flat from last week.
In this week’s Altos update, I look at what’s happening with inventory, give an update on home prices, talk about new pendings, and more.