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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Existing Homes: Double Digit Months-of-Supply Watch
How the NAR calculates existing home inventory is a bit of a mystery. However housing economist Tom Lawler has been tracking inventory several different ways. For July, Lawler reports listings totaled 4,038,133, up about 1.6% from June (using Realtor.com). And this brings us to the double digit months-of-supply watch ... For June, the NAR reported sales were at a 5.37 million seasonally adjusted annual rate (SAAR), and inventory was at 3.992 million. To calculated the months of supply, divide 3.992 by 5.37 and multiply by 12 months. This gives 8.92 months-of-supply (note: there is a seasonal pattern for inventory, but the NAR uses the NSA data). Click on graph for larger image in new window. This graph shows the 'months-of-supply' metric. The NAR reported that the months-of-supply increased
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Existing Homes: Double Digit Months-of-Supply Watch
How the NAR calculates existing home inventory is a bit of a mystery. However housing economist Tom Lawler has been tracking inventory several different ways. For July, Lawler reports listings totaled 4,038,133, up about 1.6% from June (using Realtor.com). And this brings us to the double digit months-of-supply watch ... For June, the NAR reported sales were at a 5.37 million seasonally adjusted annual rate (SAAR), and inventory was at 3.992 million. To calculated the months of supply, divide 3.992 by 5.37 and multiply by 12 months. This gives 8.92 months-of-supply (note: there is a seasonal pattern for inventory, but the NAR uses the NSA data). Click on graph for larger image in new window. This graph shows the 'months-of-supply' metric. The NAR reported that the months-of-supply increased
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