Cooling Market, Rising Leverage for Buyers
Months of inventory dipped from 5.98 in September to 5.73 in October, keeping us in a balanced-but-tilting-toward-buyer market. For buyers, each month this year has offered more selection than 2024, without a surge in competition. Compared to history, we’re still running far leaner than the long‑term norm of roughly 14 months for October. That keeps a firm floor under prices and limits negotiating power for buyers. Big picture: 2025 has consistently higher inventory than 2024, but still well below historic levels. Sellers must price realistically; buyers get options, not fire‑sale deals.
Buyers Gain Leverage as Market Cools Steadily
Months of inventory ticked up again in October to 17.52, from 17.38 in September. That’s a very small move month to month, but it continues the slow, steady rise we’ve seen since May. Compared with last year, inventory is almost flat (up just 0.81% from October 2024) and still far below the historic October average of about 28.5 months. Taken together, this says the market remains firmly in buyers’ territory by long-term standards, but sellers haven’t lost additional leverage in the last month—conditions are changing slowly, not sharply.
Cooling Prices, Rising Leverage for Buyers
Months of Inventory slipped from 5.01 in September to 4.76 in October, keeping us in a mildly seller-leaning but not overheated market. That month‑to‑month decline means buyers are seeing slightly less choice and a bit more competition. Compared with 2024, inventory is still higher almost every month in 2025, but the gap is narrowing by fall. October is only about 6% above last year. Historically, though, inventory remains extremely low versus long‑term norms. This continues to favor sellers on pricing power, while giving buyers a better shot at avoiding bidding wars than in the peak pandemic years.
A High-Plateau Market: Edge to Smart Sellers
Months of Inventory ticked down from 2.08 in September to 1.75 in October, keeping the market firmly in seller’s territory. That’s also slightly below last October and still far under the historic October average above 3 months. The big 2025 story remains: inventory ran higher than 2024 for most of the year, giving buyers more choice, but tightened again this fall. For sellers, this means well‑priced homes should move quickly. For buyers, any breather we saw mid‑year is fading; expect less negotiating power and move fast on good listings.
Flat Prices, More Leverage: A Buyer’s Window
Months of inventory slipped from 6.22 in September to 5.92 in October, the third straight monthly decline and now slightly below the long‑term October average. That signals a move toward a more balanced market after a very supply‑heavy first half of the year. Compared with 2024, inventory is still modestly higher year‑to‑date, but the gap has narrowed sharply since spring. Buyers are losing a bit of leverage each month, while realistic sellers are finding it easier to get attention without aggressive price cuts.
From Frenzy to Balance: Buyers Gain Leverage
Months of Inventory ticked up slightly from 6.14 in September to 6.27 in October. That’s a small move month-to-month, but it confirms a steady shift toward a more balanced market after years of extreme tightness. Compared with 2024, 2025 has consistently run higher inventory for most of the year, though the gap has narrowed since summer. Even so, today’s level is still far below the long‑term historic average, which means we’re nowhere near a true “buyer’s market.” For sellers, this means pricing and condition matter more, but well‑positioned homes still move. For buyers, there’s a bit more choice, but not much extra leverage.
Inventory Tightens, Sellers Regain Edge
Months of Inventory dipped to 3.55 in October, down sharply from 4.49 in September and well below the long‑term October average of about 5.47. This is the lowest level since January and an 11% drop from last October, signaling a tighter, more competitive market than both last month and most historical Octobers. Practically, sellers gain leverage again: well‑priced homes should see faster activity and firmer pricing. Buyers still have more options than in the pre‑2020 frenzy, but the brief window of softer conditions we saw in late summer is narrowing as inventory tightens into fall.
A Cooling Market Where Buyers Gain Ground
Months of Inventory slipped from 4.44 in September to 4.26 in October. That’s a small month‑to‑month tightening, keeping us in a mildly balanced but slightly seller‑leaning market. Compared with 2024, this October is almost identical (down about 3% year over year), but still far below the long‑term October average above 12 months. In historic terms, supply remains lean. For sellers, this means well‑priced homes still move without heavy discounting. For buyers, selection is better than during the pandemic boom, but not abundant enough to expect major price breaks or long negotiation windows.
From Buyer’s Market to Balanced Momentum
Months of inventory has eased from 5.38 in September to 4.82 in October, marking the third straight monthly decline. That shift gives sellers a bit more leverage, but we’re still in a more balanced zone than the frenzy years. Compared with 2024, October is slightly lower (-3.7%), the first month all year where 2025 inventory hasn’t run higher than last year. Still, every 2025 reading remains far below the historic averages. For buyers, selection is tighter than last month but much better than long-term norms. For sellers, pricing power has improved modestly, especially for well-priced, move‑in‑ready homes.
2025 Housing Shift: Tight, Slow-Growth Market
Months of Inventory slipped from 4.70 in September to 4.29 in October, the lowest level of 2025 so far and well under the historic October average near 6.7 months. That’s a clear move toward a tighter, more competitive market. Compared with 2024, when October sat around 4.78 months, supply is now about 10% lower. The big story of 2025 has been a steady grind down from a buyer-leaning 6–7 months in late winter to a borderline balanced-but-tight market this fall. Practically, motivated sellers now have more leverage, while buyers face fewer options and less negotiating room.
Sellers Gain Edge as Prices Climb Steadily
Months of inventory in October dipped to 4.3 from 4.8 in September and is slightly below October 2024. That’s a modest move back toward sellers after nine straight months where 2025 inventory ran well above last year. Even so, we’re still sitting far below the historic October average near 13 months, which means this is not a “soft” market by long-term standards. For sellers, the takeaway is: don’t expect the leverage of a pandemic-era frenzy, but conditions improved slightly this month. Buyers are seeing a bit less choice than in late summer, but far more than in past boom years.
Tight Supply, Steady Gains, Subtle Shifts
Months of Inventory has tightened again this month, slipping from 3.64 in September to 3.31 in October 2025, and well below October 2024’s 4.03. That’s a clear shift toward a more competitive market. Through most of 2025, inventory ran higher than 2024, but the last two months flipped that script. We’re now far under the long‑term October average, signaling a structurally leaner market. Buyers are losing some of the leverage they briefly gained mid‑year. Sellers who list now face fewer competing homes, while buyers should move faster and be realistic on price and terms.
Leverage Rises as Prices Re‑Accelerate
Months of inventory ticked down from 4.86 in September to 4.75 in October, keeping us in a balanced-but-tilting-toward-buyer market. There’s more choice than last year, but not enough to tip into a true buyer’s market. Versus 2024, inventory is slightly higher every month of 2025, yet still far below the historic norm near 13 months. That long‑term shortage is what’s keeping prices from breaking. For buyers, this is the most negotiating leverage you’ve had in years. For sellers, pricing close to market and being move‑in ready matters more than ever.
Buyers Gain Leverage as Pricing Power Shifts
Months of inventory edged down from 4.37 in September to 4.05 in October. That’s still well above 2024’s 3.39, but far below the historic October norm near 13–14 months. Broadly, 2025 has shifted the market from the ultra-tight conditions of 2024 toward a more balanced, mildly buyer-leaning market. Buyers now have more choices and a bit more negotiating room than last year. For sellers, October’s small pullback from September means listings that are well-priced and well-presented can still move without deep discounts, but “list high and wait” is no longer a winning strategy.
Soft Landing: More Choices, Sharper Pricing
Months of Inventory barely moved this month: 3.95 in October versus 3.98 in September. That means conditions are basically unchanged from last month: still a soft seller’s market trending toward balance. Compared with 2024, though, inventory is much higher. October is up more than 40% year over year, and every month since March has run above last year. Buyers now have meaningfully more choice, without yet tipping into a true buyer’s market. Even so, inventory remains far below long‑term norms. Sellers still hold the edge, but buyers have more leverage than they’ve had in years.
A Cooler Market Tilts Toward Patient Buyers
Months of Inventory ticked up again in October to 4.81 from 4.69 in September, and remains above every 2024 reading so far. Year over year, October is up about 10%, but the pace of increase has clearly cooled from the 30–40% jumps we saw earlier this year. Compared with historic October levels, inventory is still elevated, signaling a more balanced market. Buyers get more choice and a bit more negotiating power, but 4–5 months is not “distressed” territory. Sellers can still succeed, but pricing cleanly against competing listings now matters more than ever.
Market Slowly Tilts Toward Buyers’ Favor
Months of Inventory ticked up again in October to 4.87 from 4.44 in September, a modest softening month over month. Compared with 2024, we’re slightly lower, but still well above the historic October norm near the mid‑3s. Big picture, 2025 has run consistently higher inventory than 2024 and far above long‑term averages, shifting power away from sellers. Buyers now have more choice and a bit more negotiating room, while sellers must price sharply and expect longer market times, especially for homes that aren’t move‑in ready or are pushing the top of their range.
Buyers Gain Ground in a Cooler 2025 Market
Months of Inventory ticked up again in October, rising to 6.07 from 5.95 in September. That’s a modest month‑over‑month increase, but it keeps 2025 firmly in “balanced to soft” territory for sellers. Compared with 2024, inventory is higher every month this year, and October 2025 is about 10% above last October. Yet we’re still below the long‑term historic average, so this isn’t a 2008‑style glut. Practically, buyers now have more choice and a bit more negotiating power, while sellers must price sharply and expect longer days on market.
Sellers Gain Edge as Inventory Tightens
Months of Inventory fell again in October, down from 2.89 in September to 2.60. That’s a clear move deeper into seller’s market territory and well below the long‑term October average near 3.0. Compared with 2024, inventory is roughly half of where it was last October, and 2025 has run consistently tighter than 2024 every month. Each step down since midsummer means fewer options for buyers and firmer pricing power for sellers. For buyers, expect more competition and less negotiation room. For sellers, well-priced listings should see faster offers and fewer concessions.
Buyers Gain Leverage as Market Cools
Months of inventory rose again this month, from 7.20 in September to 7.75 in October. That’s not a spike, but it is a clear move deeper into buyer’s market territory. Compared with 2024, inventory is running higher every month of 2025, and October’s level is about a month and a half above last year. It’s also well above the long‑run norms around 4–4.5 months. For sellers, this means more competition and pressure to price sharply. For buyers, it means more choice, more time, and stronger negotiating power than in recent years.
High Inventory, Slow Grind, Strong Prices
Months of Inventory jumped from 6.97 in September to 7.90 in October, a sharp one‑month rise and well above October 2024 (6.79). That’s a meaningful loosening in just 30 days. Compared to history, October inventory is extremely high (about 65% above the long‑term October average), reinforcing that we’re in a clear buyer‑leaning market, not a tight seller’s market. Buyers now have more choice and stronger negotiating power. Sellers must price aggressively and be prepared for longer days on market or to offer concessions to get deals done.
Cooling Market, Rising Leverage for Buyers
Months of Inventory dipped from 2.33 in September to 2.24 in October, but remains well above last year (up about 16%) and above the historic October average. The market is still balanced-to-leaning buyer-friendly, just slightly less so than last month. Compared with 2024, every month in 2025 has run higher than both last year and the long-term norms. That means more selection and a bit more negotiating room for buyers, while sellers must price more carefully and expect longer marketing times, especially for homes that are not move‑in ready.
More Choice, Steady Gains, Subtle Shift in Power
Months of Inventory ticked down slightly from September to October, but it’s still higher than last year and above the long‑term norm for this time of year. That signals a market that’s loosening, not collapsing. Compared with 2024, 2025 has consistently run at or above historic levels since midsummer, giving buyers more choice and slightly more negotiation power. For sellers, this means pricing cleanly to the market and being ready to negotiate on terms. For buyers, especially move‑up buyers, this fall window offers more options without yet facing a true buyer’s market.