U.S. Months Supply of Inventory (MSI) 12-Month-Rolling Average, Long-Term Trends, since 2000*
2008-2009
Months Supply of Inventory (MSI) measures how long it would take to sell the existing inventory of listings at current rates of sales activity. The lower the reading, the stronger buyer demand as compared to the supply of homes for sale. 12-month-rolling MSI has been steadily climbing higher, but still remains low by pre-pandemic standards. On a monthly basis, the MSI in November 2024 was 3.8 months.
10
9
8
Market recession & foreclosure crisis
7
6
5
2000
2019
4
2024
3
2
Pandemic boom
*The 12-month-rolling average is a very broad, simplified view of long-term trends: Each data point reflects the monthly average of the previous 12 months MSI readings. It removes seasonality from the calculation, but may lag short-term changes.
1
Updated through November 2024
0
*Data copyright, National Association of Realtors®. All rights reserved. Used with permission. Existing Home Sales, not seasonally adjusted: single-family dwellings, condos, co-ops. Last month labeled “preliminary . ” Data from sources deemed reliable but may contain errors and subject to revision.
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