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.

Supply eased slightly this month, slipping from 231 to 220 active listings, but still sits almost triple the historic October average. Buyers now have far more choice than a “normal” fall market, which reduces pressure to rush and strengthens their ability to negotiate.

Demand ticked up from 61 to 69 pendings month-over-month, but remains below both last year and the historic October average. That mix — high supply, softening demand — keeps the market leaning toward buyers.

For sellers, this is a “price-right-or-sit” environment. Well-priced, move‑in‑ready homes still move; everything else lingers.

Appreciation is still negative, but the trend is clearly improving. After bottoming near -6% earlier this year, annual price change has climbed to about -3% in recent months. Month to month, October shows a small step down in both appreciation and median price versus September, but the declines are getting milder.

Compared with 2024, when prices were falling 5–6% a year, 2025 looks more like a soft landing. Buyers gain a bit more leverage and time, while sellers face more price-sensitive demand and need to be realistic, not panicked.

Buyers are gaining leverage. Prices are slightly lower than last year, inventory is up 9.6%, and homes are sitting on the market much longer (median days up from 28 to 36). That extra time gives you more room to negotiate, especially on homes that started too high and have had to adjust. If you’ve been waiting for a window to trade up, this is it.

Sellers can still win, but strategy matters more. Even with softer prices and fewer total sales, homes priced correctly are still closing slightly above asking on average. In this market, nailing list price and presentation early is the difference between “sold” and “stale.”