Industry News

Real estate inventory climbs in October

Seller's market begins to fade

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The supply of existing homes available for sale nationwide increased to its highest point of the year in October, with particular increases in the supply of condos and co-ops, the National Association of Realtors trade group reported today. The estimated supply of condos and co-ops for sale increased from 5.1 months in September to 5.5 months in October, and is up 22.2 percent from the 4.5 months reported in October 2004, the association announced today. This estimated supply gauges how long it would take to exhaust the inventory of for-sale existing homes based on the current sales rate. A market is generally considered to be in equilibrium when the supply is about six months – a market with a lesser supply is considered to be a seller's market while a market with a greater supply is considered to be a buyer's market. For single-family sales, the monthly supply increased from 4.5 months in September to 4.8 months in October, and is 11.6 percent higher than the 4.3 months of...