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.

Supply is still high, but cooling. Active listings fell from 38,666 in September to 37,413 in October, yet remain about 11% above last year and roughly 60% above the historic October average. Buyers now have far more choices than in a typical year, but a bit less than over the summer peak.

Demand is steady. October pending sales were essentially flat year over year and right in line with long-term norms.

Net effect: The market is tilting toward buyers compared with past Octobers, but month-to-month momentum is easing, giving motivated sellers a clearer pricing path.

Appreciation has flattened out and turned slightly negative again. After small positive gains in late 2024 and early 2025, year-over-year price change has slipped back below zero since April, with October showing a -0.49% reading and a dip in the median price from last month.

Compared with the double‑digit run‑up of 2021–2022 and the mild slide in 2023–2024, today’s market is basically moving sideways with a slight downward lean.

This environment mildly favors buyers on price, while sellers should focus on condition and pricing right at the current median.

For buyers, this is the most negotiable market you’ve seen in a while. Prices are down year-over-year, price per square foot is off about 3%, and homes are sitting 2–3 weeks longer. Inventory is up more than 10%, and sellers are discounting more from both original and asking prices. You have more choice, more time, and more leverage—especially on homes that have been listed for 60+ days.

For sellers, the market is slower and more selective, not dead. Sales volume and total sales are only slightly lower, and pendings are flat, which means good homes still move. But with nearly 50K active listings and longer days on market, accurate pricing and strong presentation are non-negotiable. Plan for fewer bidding wars and more back-and-forth on terms, and be ready to adjust if you’re not getting showings in the first few weeks.