Uptick in Housing Inventories May be Short-Lived

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Posted To: MND NewsWire

The theme of every sales and price report for the last several years has been the shortage of homes for sale. While new home inventories have held steady over the six-month supply considered a balanced market, existing homes have hovered near record lows for several years. Shu Chen, writing in CoreLogic’s Insights blog says that increase in home prices since the recession has pushed affordability rates down, taking sales lower as well. Now the lower sales are being reflected in rising inventories. After hitting historic lows last year, the number of homes for sale in June was at a 3.3-month supply, up from 2.8 months the previous June. The months of supply is calculated as the ratio of the for-sale inventory at the end of the month to the number of homes sold during the same month and represents…(read more)

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