The Morning Report
Get the news and information you need to take on the day.
Inventory, in contrast, was notably higher than it had been a year prior, up 26 percent for single family homes and 15 percent for condos.
As a result, the number of months’ worth of resale inventory remained substantially above its year-ago levels. At February’s sale rate, it would have taken 12.7 months for all of the available inventory to be purchased. This is a 62 percent increase over last February’s 7.7 months of inventory and is well above the levels that typically portend price declines.
— RICH TOSCANO