There just isn’t much to buy out there.
Sales are strong, but nothing crazy, when you consider the rebound
from the lockdown:
But inventory is the lowest it’s been since the post-bubble bull
market got started:
With months of inventory also below the prior record in early 2013:
Here’s a closer look at inventory compared to previous years.
This level of inventory has historically led to price increases, and
that’s exactly what we’ve seen in the past couple months:
Expect more price increases to come, unless the inventory situation
changes very dramatically. (For this to happen quickly, I’d expect we’d need
some exogenous force, e.g. if rates were to rise a lot, or financial
markets were to enter another panic phase).
Here’s the mom/yoy wrapup. Months of inventory down 51% year
over year… wow.