Single Detached
Months of inventory for single detached homes numbered 2.4 at the end of the first quarter of 2022, unchanged from the 2.4 months recorded at the end of the first quarter of 2021.
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.
Despite an equally balanced market, homes spent more 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 25 in the first quarter of 2022, up slightly from 23 days in the first quarter of 2021.
Apartment
Months of inventory for apartment units numbered 3.4 at the end of the first quarter of 2022, down from the 6.4 months recorded at the end of the first quarter of 2021.
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, apartment units 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 apartment units was 49.5 in the first quarter of 2022, down slightly from 51.5 days in the first quarter of 2021.
