Inventory of new homes reaches record low
Today, the released its monthly for July showing a monthly decline with sales falling 0.7% since June but increasing 6.8% from July 2010 and remaining at an epically low level of 298K SAAR units.
It's important to recognize that the has now fallen to a new series low at 165K units, lowest level seen in in at least 47 years while the declined to 9.4.
The monthly supply remained flat at 6.6 months while the median selling price increased 7.15% and the average selling price increased 4.67% from the year ago level.
The chart above shows the extent of sales decline to date (click for full-larger version).
