At the current sales pace, this represents approximately 6.8 months of supply, down from 8.1 months of supply in August 2008. On a month-to-month basis, the average months of supply was up from 6.4 months in July. It is considered a balanced market when there are between 7.5 and 8.5 months of supply.
Single-family home inventory decreased 16 percent from August 2008 (33,531 listings in 2008 to 28,251 listings in 2009) to 7 months of supply in August 2009. This was down from 8.3 months of supply last year and up from 6.4 months of supply in July. This was the fewest single-family home listings since August 2004, and it is the 17th straight month that single-family inventory has gone down compared to the year before.
The condominium market saw August inventory decrease by 17 percent from last year (13,714 listings in 2008 to 11,440 listings in 2009) to 6.5 months of supply in August 2009, down from 7.6 months in 2008, and the condo inventory was virtually the same as this past July (6.4 months). This was the fewest August condominium listings since August 2004, and it is the 17th straight month that inventory has gone down compared to the year before.
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