Thursday, September 24, 2009
A modest downtick in existing homes sales in August (barely visible in the third chart above) was the reason that the market sold off today, according to a Bloomberg headline, but I think that's a stretch. As all three of these charts show, there has been a distinct turn for the better in the housing market. The months' supply of unsold homes has dropped significantly, thanks mainly to a pickup in sales activity, and the vacancy rate of homes nationwide as dropped, although the rate is still among the highest ever recorded.
Posted by Scott Grannis at 1:58 PM