The mother of inventory

The for-sale inventory of single-family resale homes in July hit its highest level since October 1991, the National Association of Realtors reported today.

The inventory of single-family homes grew to 9.2 months in July, which means that it would take 9.2 months to exhaust the for-sale inventory of homes at that month's sales pace. The association reported a 7.2-month inventory in July 2006 (see Inman News report).

A supply above six months is generally considered to indicate a buyer's market.

In October 1991 the inventory of single-family resale homes hit 9.3 months, an association spokesman reported.

The inventory of for-sale condos and co-ops reached 11.9 months in July, up 45.1 percent compared to 8.2 months in July 2006.

Also today, the California Association of Realtors reported that the unsold inventory of existing homes in that state reached 10.7 months in July, compared with 7.3 months for that month last year (see Inman News story). In April 2007 the association reported an inventory of 11 months.

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