Okay so read this statement:
Total number of houses for sale/listings in January 2022 fell 14.6% from their levels a year earlier. This in turn drives months of supply down to just 1.9 months for January. It has been six years since the January supply of homes was at the six-month mark or higher.
What does this mean, you ask? So when we say the supply is at 1.9, that indicates it’s a seller’s market. So if there were no more houses to come for sale and the current houses for sale proceeded to close – it would take 1.9 months for there to be no more houses available on the market. When the absorption rate is 6 months or more, then it’s considered a buyers market. So a 1.9 rate says it’s a seller’s market. Very Very much a seller’s market.