The Months of Inventory has dropped significantly this month due to an unexpected month-to-month increase in sales during May in comparison to April. In comparison to other May MOI's, this year's MOI is the 4th highest since 2008 and ends the 2-month streak of setting 10-year highs.
At the end of last month, it seemed very possible that a 2008 or a 2012-like rise in MOI could be achieved in 2019. However, this is now improbable as Total Inventory struggled to rise in the setting of disappointing New Listings number.
< 5 Months of Inventory = Seller's Market
5-8 Months of Inventory = Balanced Market
> 8 Months of Inventory = Buyer's Market
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