Home sale volume increased last month, up 2.4 percent from September. Over the same period, inventory decreased by 3.9 percent.
But while the supply and demand situation firmed up from September, the longer-term picture still wasn’t looking so good. Sales were down 25 percent from October 2005 while inventory was up 37 percent over the same period.
Months of inventory, which basically measures supply versus demand in the resale market, stood as of October at a slightly improved but still fairly excessive 8 months of inventory.
– RICH TOSCANO