Housing Inventory Hits 1.62 Million — 4.9 Months’ Supply, Highest in Over a Decade

Housing inventory in the U.S. has climbed to 1.62 million homes, translating to a 4.9 months’ supply — the highest level we've seen in over a decade. This shift, driven by higher mortgage rates and a slowdown in sales, is giving buyers more options than they've had in years. Sellers, meanwhile, are finding the need to price their homes more competitively. Having guided clients through a wide range of market cycles over my 31 years in real estate, I know firsthand how these changes can open up new opportunities and present fresh challenges. Whether you're exploring your next move or simply keeping an eye on the Michigan market, understanding these trends can help you make informed decisions in a dynamic environment.