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.

Supply is drifting down month-to-month, from a peak near mid‑year to 33,704 in October. That’s still well above the historic October average, but basically flat versus last year. The big “glut” story of early 2025 is fading into a more balanced market.

Demand is holding up. October pendings rose slightly from September and are a bit above last year, running far above historic norms.

Net result: Buyers have more choice than in a typical October, but sellers no longer face the intense competition seen this spring. Price cuts should moderate, not disappear.

Appreciation is clearly decelerating. We moved from 6–7% year-over-year growth in early 2025 down to 3.53% in October, even as the median price ticked up slightly from $983,624 to $984,655. Prices are still rising, just at about half the speed of spring.

Compared with 2024’s rebound from negative to 6–7% appreciation, 2025 looks like a cooling plateau rather than another surge.

This shift slightly favors buyers: fewer bidding wars and more room to negotiate. Sellers can still get strong prices, but rapid gains are behind us for now.

For buyers, the market is tilting in your favor. Prices are higher than last year, but gains are slowing and price per square foot is basically flat. Homes are sitting much longer (median 31 vs. 20 days), inventory is up, and sellers are discounting more from both original and asking prices. That combination gives you time to shop, room to negotiate, and a better shot at contingencies.

For sellers, demand is still real: sales volume is up slightly, and both average and median prices are higher than a year ago. But buyers are more price‑sensitive, appreciation has cooled, and many listings are expiring, withdrawing, or canceling. That means correct pricing and strong presentation matter more than ever; coming out too high now often leads to price cuts and a longer time on market.