Investing Article

A Few Comments on August Existing Home Sales

09/22/2016 - 11:15am By: Calculated Risk

Inventory remains a key issue. Here is repeat of two paragraphs I wrote about inventory a few months ago:
I expected some increase in inventory last year, but that didn't happened. Inventory is still very low and falling year-over-year (down 10.1% year-over-year in August). More inventory would probably mean smaller price increases and slightly higher sales, and less inventory means lower sales and somewhat larger price increases.
Two of the key reasons inventory is low: 1) A large number of single family home and condos were converted to rental units. Last year, housing economist Tom Lawler estimated there were 17.5 million renter...

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