Inventory Drops Again
Inventory continues to move to even lower levels. According to RMLS, pending sales are down 2.8% from the previous month but new listings are down 7% which is keeping inventory very tight.
This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use current active listings and 6 months of sold data from the RMLS to create this report.