some new NAR data

Here are a couple graphs issued by NAR. I hesitate to comment on them too much since I think national figures like this are often really missing the story. Seeing inventory/price graphs for individual markets is much more valuable.



and also from the WSJ:

Home Sales Fell By 1.3% in June; Inventories Rose

Home sales declined last month while inventories swelled to the highest levels since 1997, the latest sign that the housing market continues to cool. Consumer confidence, meanwhile, stabilized. The National Association of Realtors said sales of existing, or previously owned, homes fell 1.3% to a seasonally adjusted annual rate of 6.62 million units in June from a revised 6.71 million in May. When compared with June 2005, sales were down 8.9%. Meanwhile, inventories rose 3.8% to 3.73 million existing homes for sale in June, which is a 6.8-month supply of homes at the current sales pace. That was the highest inventory level since July 1997 and compares with a 4.4-month supply in June 2005.