Inventory of U.S. Housing at 9.9 Months
Abstract:
The U.S. housing market is well-captured in the three graphs that accompany this report. Success has been achieved in lowering the number of unsold homes. The problem, however, has been with respect to sales, which are down even more. Sales of new single-family homes were -2.8% month to month and -33.9% year over year in the latest month. As a result, the number-of-months inventory (i.e., number of unsold homes divided by the monthly sales rate) has kept on climbing. It now stands at 9.9 months.
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The U.S. housing market is well-captured in the three graphs that accompany this report. Success has been achieved in lowering the number of unsold homes. The problem, however, has been with respect to sales, which are down even more. Sales of new single-family homes were -2.8% month to month and -33.9% year over year in the latest month. As a result, the number-of-months inventory (i.e., number of unsold homes divided by the monthly sales rate) has kept on climbing. It now stands at 9.9 months.