It feels like inventories are going up and here are the facts:
Q1 - .51 Months (1/2 Month of Inventory)
Q2 - .65 Months (Just over 1/2 Month of Inventory)
Q3 - .96 Months (Almost 1 Month of Inventory)
Current - 1.21 Months (Over 1 Month of Inventory)
It's true inventories are going up...at a slow pace which indicates there is a change in the market. If you have had any thoughts of selling, now is the time while inventories are still relatively low and interest rates are good!!!
A majority of this change is due to the fact that homes are not selling as quickly. Homes that are put on the market at higher than market value are requiring a price-reduction. The "price-reduced" homes are now competing with "new" homes in the market.
