Tuesday, October 16, 2012

Report: Housing Inventory declines 17.8% year-over-year in September

by Bill McBride on 10/16/2012 12:25:00 PM

From Realtor.com: September 2012 Real Estate Data

The total US for-sale inventory of single family homes, condos, townhomes and co-ops remained at historic lows, with 1.8 million units for sale in September 2012, down -17.77% compared to a year ago.

The median age of inventory was down -11.21% compared to one year ago.
For sale inventories declined on a year-over-year basis in 143 of the 146 markets tracked by Realtor.com. Fifty two cities saw year-over-year declines greater than 20%.

On a month-over-month basis, inventory declined in 126 of 146 markets.

I expect to see smaller year-over-year declines going forward simply because inventory is already very low.

The NAR is scheduled to report September existing home sales and inventory on Friday. The key number in the NAR report will be inventory, and inventory will be down sharply year-over-year again in September.

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