Inventory was 20,904, over 9 months supply. The supply range for inventory varies by size of home with the lowest being 8 months and the high being 12 months. The supply is up 17% from last year and almost 100% from this time in 2005. Year-to-date listings totaled 34,431 which is inline with last years listing number but up 40% from the same period in 2005.Expired, cancelled and withdrawn listings totaled 17,382 up 224% from last years 7,763 and 525% from 2005. These numbers indicate how many times a home is re-listed before it sells or the sellers give up trying to sell.
The 224% increased in expired, cancelled or withdraw listing means there is a lot if inventory “waiting on the sidelines”. People are just renting out, waiting for the market to pick-up or just giving up on selling and going into foreclosure.
BTW I agree that listed inventory is slightly lower this year than last year.
