Inventory has been decreasing lately but the Market Action Index is
falling also. With days-on-market climbing, these are relatively
negative implications for the market.

In terms of supply and demand, the market is getting cooler – more
supply is coming on the market relative to the sales demand.
However, in recent weeks prices have been moving higher. Since it is
technically a Buyer’s market, this price trend may be a result of
improved quality (newer, larger homes) of the homes being listed.
Look at the descriptive statistics where you may notice the homes
being listed are larger and younger than they have been in the past.

Price trends continued their recent uptrend this week. While
still below the market’s price high-point, we’ve seen a nice run
recently.

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