Months of inventory for single detached homes numbered 2.3 at the end of the first quarter of 2022, down from the 4.7 months recorded at the end of the first quarter of 2021. This was the lowest level of months of inventory ever recorded in any quarter.
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 tighter market, homes spent less time on the market in the first quarter of 2022 than they had a year earlier.
The median number of days on market for single detached homes was 67 in the first quarter of 2022, down from 85 days in the first quarter of 2021.