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.

Supply has finally flattened. Active listings dipped slightly from September to October and are now just below last year, but still sit well above historic norms. That keeps the market from feeling too tight and gives buyers more options and negotiation power than in a typical October.

Demand, however, is pushing higher. Pending sales rose again from last month and are now up almost 5% year over year and roughly 50% above the long‑run October average.

Net effect: we’re shifting from a supply-driven cool-down to a more balanced, activity-driven market. Motivated sellers must price cleanly; serious buyers need to move faster.

Appreciation is clearly cooling. Year-over-year gains have stepped down from about 5–6% in late 2024 to just 2.27% now, and appreciation has slowed every month since February 2025. Month-to-month prices are essentially flat, with the median slipping slightly from September to October.

Compared with the boom years (2020–2022) and even the early-2024 rebound, today’s market is much calmer. This environment favors buyers who finally have a bit more pricing power, while sellers need to price closer to recent comps and can no longer count on rapid appreciation to do the work.

Buyers are gaining leverage. Prices are mostly flat year over year, with the median price and price per square foot slightly down, while days on market have jumped by over 50%. Homes are sitting longer, more listings are getting withdrawn or canceled, and buyers are negotiating about 1–2% off list. This is a market where patience and strong offers on well‑priced homes can pay off.

Sellers still have opportunity, but need to be sharp. Sales volume and total sales are slightly up, and pending contracts have risen, so good homes are still moving. The key is pricing realistically from day one and being ready for longer marketing times and more negotiation on final price.