Months of inventory slipped from 6.22 in September to 5.92 in October, the third straight monthly decline and now slightly below the long‑term October average. That signals a move toward a more balanced market after a very supply‑heavy first half of the year.

Compared with 2024, inventory is still modestly higher year‑to‑date, but the gap has narrowed sharply since spring. Buyers are losing a bit of leverage each month, while realistic sellers are finding it easier to get attention without aggressive price cuts.

Supply is easing but still elevated. Active listings fell from 3,312 in September to 3,085 in October, yet remain well above both 2024 (3,010) and the historic October average (2,457). Buyers now have more choices than normal, even with a slight month-over-month pullback.

Demand is softening seasonally. Pending sales slipped from 522 in September to 500 in October and are down 2.9% from last year, though still above the historic norm (408.1).

Net result: leverage tilts mildly toward buyers, and sellers must compete on price and condition to win slower but steady demand.

Appreciation has cooled sharply over the past year. In October 2024, prices were up 5.38% year-over-year; by October 2025, that’s down to just 0.39%. Month-to-month, the median price slipped again, from $864,163 in September to $863,484 in October, the third straight monthly decline since the August 2025 peak.

This is a clear transition from a solidly appreciating market in early–mid 2024 to a basically flat market now. Buyers gain leverage and more time to shop; sellers can still get near-peak prices, but aggressive overpricing is no longer rewarded.

For buyers, this is the most leverage you’ve had in a while. Prices are slightly lower than last year, days on market are up sharply, and sellers are discounting more from both original and asking prices. Inventory has grown while sales and pendings have slipped, giving you more choice and time. This is a good window to negotiate on price, repairs, and concessions.

For sellers, the market is still functioning, but it’s no longer forgiving. Homes are taking much longer to sell, and more listings are expiring, withdrawn, or canceled. Pricing cleanly with the data, making your home show-ready, and staying flexible on terms are now essential to getting to the closing table.