Although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July's rate of sales, the nation's new home inventory would be exhausted in just about 9 months.
Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month's data reveals some interesting trends.
April marks the third straight month that pending home sales are up and today's buyers should take note. This is because, according to the National Association of RealtorsÂ®, 80% of homes under contract close within 60 days.
According to the National Association of RealtorsÂ®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too. Sellers are now listing homes faster than buyers can buy them.