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Weekly Market Insight
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Months' Supply of Homes for Sale
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June 30, 2008
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The good news is that home sales are bottoming out. The bad news is two-fold: The months' supply of homes on the market – 10.9 for new homes and 10.8 for existing homes in May – is about twice normal levels, and home prices continue to decline, off 15.3% over the past 12 months according to the S&P/Case Shiller 20-city index. Increasing foreclosures will trigger further price declines and losses on securities tied to residential mortgages. Lenders, many of whom packaged or invested in these securities, remain cautious. This is a drag on business, including commercial real estate.
Sources: Census Bureau, National Association of Realtors
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Robert Bach, Senior Vice President, Chief Economist, has 30 years of professional
experience in real estate market research, consulting and city planning. His commentary
on the real estate markets is provided here on a weekly basis.
Need more information? Contact:
Robert Bach
Senior Vice President, Chief Economist
312.698.6754
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