There were 1.15 million homes available for sale at the end of October, down from 1.22 million a year earlier and nearly half the levels seen in 2019. Plus, inventory is even tighter than that figure implies, as many homes counted in existing inventory are under contract and not truly available for purchase. In fact, there were only 737,000 “active listings” at the end of last month.

Despite these ongoing inventory constraints, homes continue to sell quickly (averaging just 23 days on the market in October). And 66% of homes sold in less than a month, showing that demand is strong for what’s available. In fact, the NAR noted that multiple offers are still occurring, especially on starter and mid-priced homes.