The number of homes listed for sale is at its lowest level for any July since 2013 and this dearth of inventory surely contributed to the widely-publicized drop in new and existing home sales recorded in the month.
Denver, Colorado (PRWEB)
September 13, 2017
This week marks the release of the September Housing Tides Report™, featuring an update to the Housing Tides Index™, an objective and sophisticated approach to quantifying and comparing the health of U.S. housing markets. This month’s Index update reveals an improvement in housing market health as 30 of the 41 markets tracked by Housing Tides saw improved conditions.
Understanding the health of a housing market and its relationship to other top markets requires an aggregated, comprehensive view of the industry. The Housing Tides Index provides a succinct monthly measure of market health across the top 41 U.S. markets. Referencing 18 market indicators ranging from unemployment rates and housing permits to rental vacancy and mortgage foreclosure rates, the Tides Index helps users understand exposure at a deeper level than is currently possible.
We noted last month that there were nearly 95k fewer homes for sale in June 2017 when compared to June 2016 and this pattern has continued, with Redfin reporting a similar year-over-year drop in July. The number of homes listed for sale is at its lowest level for any July since 2013 and this dearth of inventory surely contributed to the widely-publicized drop in new and existing home sales recorded in the month. However, the fall in the number of transactions means the months-of-supply measure improved in July, and the current inventory would be exhausted in three months at the current…