Inventory levels seems to be the number most real estate professionals focus on, myself included much of the time. Inventory in months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This includes proposed and under construction homes.
So in other words, it's the current supply of homes available on the market and as you can see it is now at its highest since the year 2016. How does this affect you? This means more choices for buyers and more competition for sellers so the tables are turning a little bit more toward a buyers market. It should be noted however, that 2.4 months of inventory is still very low compared to many other metro reasons.Read More