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by CareyBot

The inventory of resale homes jumped to 9.6 months in July, as the sales rate for that month dropped 9 percent compared to the same month last year, the National Association of Realtors reported today. A for-sale inventory greater than six months is generally considered to indicate a buyer's market -- this statistic indicates the length of time it will take to deplete the for-sale inventory at the current sales pace. The existing-home inventory has climbed 31.5 percent since July 2006, when there was a 7.3-month supply. The inventory of single-family resale homes was 9.2 months in July while the inventory of condominiums and cooperatives rose to 11.9 months.The last time that the resale single-family inventory had reached this level was in October 1991, when it was 9.3 months, said associa...