Single Detached
Months of inventory for single detached homes numbered 2.1 at the end of the first quarter of 2023, up from the 0.7 months recorded at the end of the first quarter of 2022.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With a more balanced market, homes spent more time on the market in the first quarter of 2023 than they had a year earlier.
The median number of days on market for single detached homes was 13.5 in the first quarter of 2023, up from 8 days in the first quarter of 2022.
Apartment
Months of inventory for apartment units numbered 2.2 at the end of the first quarter of 2023, up from the 0.4 months recorded at the end of the first quarter of 2022.
The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
With a more balanced market, apartment units spent more time on the market in the first quarter of 2023 than they had a year earlier.
The median number of days on market for apartment units was 26 in the first quarter of 2023, up from 11 days in the first quarter of 2022.
