Absorption Rate

Absorption Rate The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.

3.0

2.6

1.5 2.7

2.3

1.4

Single-Family Detached Single-Family Attached 2018 2019 2020

- 39.1%- 14.8% - 42.3%- 13.3% 2018 2019 2020 - 11.8% - 25.0%

Historical Absorption Rate by Month

14.0 Absorption Rate

Feb-2019

Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 12-Month Avg*

Single-Family Detached Year-Over-Year Change Single-Family Attached Year-Over-Year Change

2.4 -17.2% 2.4 -7.7% 2.4 -17.2% 2.4 -14.3% 2.4 -22.6% 2.4 -14.3% 2.6 -21.2% 2.6 -7.1% 2.7 -25.0% 2.6 -13.3% 2.6 -29.7% 2.6 -13.3% 2.7 -22.9% 2.5 -24.2% 2.6 -23.5% 2.4 -20.0% 2.5 -24.2% 2.3 -25.8% 2.2 -29.0% 2.0 -31.0% 1.8 -33.3% 1.6 -30.4% 1.5 -42.3% 1.4 -39.1% 2.4 -24.9% 2.2 -20.1%

* Absorption Rate for all properties from February 2019 through January 2020. This is not the average of the individual figures above.

Single-Family Detached Single-Family Attached

0.0

1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020