The monthly housing statistics have been recently released.
Inventory levels continue to drop as they have for most of the year. The months supply of homes on the market also continues to drop from the spike high seen mid 2010, however, it still remains well above the 6 months mark considered a more "normal" market.
Sales have seen a small uptick recently and remain near the longer term average of 5mm sales/yr.
August saw pretty decent demand with 500,000 sales as the selling season winds down. That was the best showing in 3 years.
According to the Case Shiller index prices have been basically flat since 2009. All those who have been calling for a further 20% decrease in prices have sorely disappointed. Certainly the continuing drop in mortgage rates have buffeted the fall in prices.
All in all, the market appears to be better than most would have you believe. The supply of homes on the market has continued to decrease, demand for homes (sales) have held up reasonably well, prices have been stable (at least not freefalling) and mortgage rates have been dropping. Should the unemployment rate continue to stay at the 9+% it has been at for the last two years I believe we are about 5% in price away from a buyable bottom.
Charts from Calculated Risk.
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