June Housing Supply and Demand

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It's the same story as we've seen in recent months. Resale housing inventory grew on a month-to-month basis in June, but was 1.5 percent lower than it had been a year prior.

Resale volume, meanwhile, was quite weak, coming in at 20.8 percent below last year's already fairly low levels.

At June's level of supply and pace of sales, there were 7.2 months worth of resale homes available on the market. This is an increase of 24.3 percent over the 5.8 months of inventory for sale in June 2006.

-- RICH TOSCANO