Months of Inventory ticked up again in October, rising to 6.07 from 5.95 in September. That’s a modest month‑over‑month increase, but it keeps 2025 firmly in “balanced to soft” territory for sellers.

Compared with 2024, inventory is higher every month this year, and October 2025 is about 10% above last October. Yet we’re still below the long‑term historic average, so this isn’t a 2008‑style glut.

Practically, buyers now have more choice and a bit more negotiating power, while sellers must price sharply and expect longer days on market.

Supply keeps easing but remains historically high. Active listings dipped from 1,623 in September to 1,599 in October, yet are still about 11% above last year and roughly 60% above the long‑term October average. Buyers now have far more choices than normal, with slightly less new competition each week.

Demand firmed up modestly. Pendings rose from 233 in September to 250 in October, moving back above both last year and the historic October average.

Net effect: we’re still in an inventory‑heavy, mildly buyer‑tilted market, but October’s demand rebound slightly improves leverage for well‑priced sellers.

Appreciation has cooled from double digits in 2021–2022 to almost flat in 2025, but it’s stabilized rather than fallen. After dipping negative early this year, year-over-year appreciation has now inched back up to 1.14% in October, with the median price hovering around the mid‑$280Ks.

Compared with 2024, when price growth was 2–3%, 2025 is slower but not reversing. Month-to-month, prices are basically moving sideways.

This is a “hold and wait” market: sellers need to price close to recent comps, and patient buyers have a bit more leverage without expecting big discounts.

Buyers are gaining leverage. Prices are down across the board (average price off almost 8%, price per square foot down over 5%), while inventory is up about 12%. Months of supply just crossed 6, which means more options and a bit more negotiating room, especially with sellers now accepting around 4% below asking on average.

Sellers still have a window, but it’s narrower. Homes are selling a week faster on average, and far fewer listings are expiring, which shows that well-priced, well-presented homes are still moving. The key now is pricing to today’s market, not last year’s peak.