This past month, we saw inventory levels continue to grow, as growth in new supply continues to outstrip the growth in demand. In the single-family home market, we saw 8.73% more new listings than a year ago, while there were only 0.79% more closings. When you couple this with the inventory trends that we’ve seen in recent months, we have nearly 30% more inventory on the market than this time last year. Additionally, inventories are at the highest levels we’ve seen in the past two years! The same goes for the condo market, which is currently seeing a surge in new listings and a considerable drop in closed listings, resulting in a 51.29% increase in active inventory on a year-over-year basis!

 

Despite inventory issues, listings are still being snapped up at a breakneck pace!