Months Supply of Inventory (MSI) National Market Dynamics since 2019*
MSI measures how long it would take to sell the existing inventory of listings at the current rate of sale. It rises and falls to seasonal trends in supply and demand, as well as reacting to changes in economic conditions. The lower the reading, the stronger the buyer demand as compared to the number of homes for sale.
Sept. 2024
Summer 2019
4.5
4.0
Fall 2023
Fall 2022
Early 2019
3.5
3.0
Early 2020
Summer 2021
Early 2024
Pandemic hits
2.5
Early 2023
Pandemic housing-market boom: Extremely low inventory
MSI usually starts out very low early in the new year, signifying high demand compared to an inadequate supply of new listings: A competitive market for buyers. Supply then increases through late summer or fall.
2.0
Early 2021
1.5
Early 2022
Updated through November 2024
1.0
* Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Data for existing homes: houses, condos and co-ops, seasonally adjusted. Last month labeled “preliminary . ” Data from sources deemed reliable but may contain errors and subject to revision.
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