Active Listings
The current active inventory increased by 2% in the past couple of weeks.
The active listing inventory increased by 172 homes, up 2%, and now sits at 10,902, just 210 fewer than the level reached in mid-August of 11,112, the current 2022 peak. After 30-year mortgage rates dropped to 5% last month, they have climbed from 6% to 6.42% so far in September. These higher rates are further deteriorating home affordability, resulting in another drop in demand. Less demand has kept the inventory from dropping further, even with fewer homeowners opting to sell. From here, expect the inventory to continue to slowly drop as fewer homeowners come to market during the Autumn Market. The inventory will plunge to finish the year between Thanksgiving and New Year’s Day.
Last year, the inventory was at 8,347, 23% lower, or 2,555 fewer. The 3-year average prior to COVID (2017 to 2019) is 13,369, an extra 2,467 homes, or 23% more. There were a lot more choices back then.

Adele Lists Beverly Hills, California, Home for $12 Million