Months of inventory rose again this month, from 7.20 in September to 7.75 in October. That’s not a spike, but it is a clear move deeper into buyer’s market territory.

Compared with 2024, inventory is running higher every month of 2025, and October’s level is about a month and a half above last year. It’s also well above the long‑run norms around 4–4.5 months.

For sellers, this means more competition and pressure to price sharply. For buyers, it means more choice, more time, and stronger negotiating power than in recent years.

Supply held essentially flat month over month (1,589 to 1,587) but remains about 19% above last year and roughly 75% above its long‑term October average. Buyers now have far more choices than normal for this time of year.

Demand slipped from 192 to 181 pendings, dipping below both last year and the historic October norm. Fewer buyers are writing offers as we head deeper into fall.

Net effect: October tilts further toward a buyer‑leaning, price‑sensitive market. Sellers must compete on price and condition, while patient buyers can negotiate more and avoid “must‑waive‑everything” decisions.

Appreciation has clearly downshifted. After hovering near 5–7% year-over-year through late 2024, price growth slid through 2025 and turned negative in September and October. Median price has now pulled back from a peak around mid-2024, with October 2025 sitting below both last month and last year.

For buyers, this is the first meaningful window of price relief in years, especially compared with the double‑digit gains of 2021–2022. For sellers, it’s a “price-sensitive” market: accurate pricing and condition now matter more than momentum.

For buyers: This market is shifting in your favor. Inventory is up nearly 23%, days on market are up about 20–30%, and median prices and price per square foot are down. Fewer homes are going under contract, and more listings are expiring or getting canceled. That combination means more choice, more time, and more room to negotiate off list price.

For sellers: You’re still seeing strong top-end sales, with average prices and price per square foot higher than last year and a slightly smaller gap between asking and sold prices. But homes are taking longer to sell and appreciation has softened, so pricing realistically and making your home stand out is now critical to getting to closing.