The most notable change in the market, in terms of a specific statistic, is months of inventory.
This statistic measures how long it would take to sell all of the current inventory at the current pace of sales.
Months of inventory has jumped to three along the Front Range.
One year ago, it was two months. Two years ago, it was three weeks.
The jump is a result of decreased demand driven by higher interest rates combined with slightly increasing inventory.
We expect months of inventory to continue to increase and imagine it could be at four months by this winter.