Months of supply is the number that actually matters, not the raw listing count, because it measures how long the current inventory would last at the current sales pace. 1.63 months is well under the roughly four-month level usually considered balanced, which is why the market currently leans toward sellers.
New listings were up 12.3 percent from a year earlier, so more homes are coming onto the market even as the pace of sales stays strong; whether that eventually loosens the current reading depends on whether buyers absorb the new supply as fast as it appears.
A citywide inventory figure also hides real differences by price band, since entry-level homes typically move faster than higher-end listings. Get your hand-reviewed valuation from Joel Dyck.