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.

Supply has started to cool. Active listings fell from 747 in September to 691 in October, the first year-over-year dip since early 2024, but still sit well above the historic October average (384). That means more choice than normal, but less than buyers saw this summer.

Demand is steady to improving. Pendings slid slightly from 182 in September to 179 in October, yet remain up 7% year over year and double the historic norm.

Net effect: the market is shifting from strongly buyer-tilted toward a more balanced, negotiation-friendly environment.

Appreciation has clearly downshifted through 2025. We’ve gone from mid-5% gains in spring to just 0.21% in October, with the median price slipping month-over-month from a peak of about $415K in July to roughly $403K in October.

Compared to 2024, when appreciation climbed steadily from negative to around 5%, 2025 looks like a flattening plateau and mild rollback.

This environment favors buyers with options and patience, while sellers now win by pricing close to the market instead of “testing” aggressive numbers.

Buyers are gaining leverage. Prices are down across the board (average price off about 10%, price per square foot down 6–7%), and homes are sitting longer, with average days on market up over 30%. You have more choice (active listings up, sales volume down) and a bit more room to negotiate, as final sales are further below both original and asking prices. If you can act now, you may lock in a home at a discount versus last year.

Sellers still have solid demand, just less heat. Total and pending sales are slightly higher than last year, even with fewer new listings, which keeps months of inventory steady around four months—a balanced market, not a crash. This means well‑priced, well‑presented homes are still selling, but the days of automatic overpricing are gone. To win, price with today’s comps (not last year’s peak), expect longer marketing times, and be prepared for negotiation on both list price and repairs.