Inventories of Unsold Homes Continue to Fall

 

The inventory of single-family existing homes for sale fell to 3 million in October from 3.1 million in September and 3.3 million in August.
Courtesy of the Petaluma Spectator

As of the end of October, the inventory of new homes for sale had fallen to 239,000, the lowest it has been since May 1971 when it stood at 236,000. October’s months’ supply — the amount of time it would take to sell the current inventory of homes based on the month’s sales rate — fell to a respectable 6.7 months from 7.4 months in September and was down considerably from the historic high of 12.4 months in January this year.

The months’ supply of existing single-family homes for sale fell to 6.8 months in October, down from 7.6 months in September. That was down considerably from June 2008’s cyclical peak of 11 months. The fact that houses are being sold quicker is a good sign for the economy and gives hope to landscape contractors who are looking for residential work.

– Courtesy of NAHB