Home Inventories at 16-year high

According to a report by the National Association of Realtors, inventory of available homes across the nation rose to a 16-year high in July and now stands at 3.85 million. During the same month sales fell to a 5-year low. Inventories of single-family unsold homes represented a 9.2-month supply at the July sales pace, the highest since October 1991. By region, sales fell by 2.2% in the Midwest, were unchanged in the South, rose 1% in the Northeast and fell 1.8% in the West. To read the full story, see “Home inventories rise to 16-year high” at Market Watch.

Is this an unprecedented period of time or just another cycle in the real estate market? Check out my latest article, “Perspectives in a Turbulent Market” which is part of my ongoing reality real estate series, MyForSaleSign.