The inventory of homes for sale in each market, it's well known, has been tight even as demand for homes keeps up--which has been inflating prices. The latest data suggests a slight easing, with months' supply rising nationally, and in about half the key markets.
What CoreLogic analyst Shu Chen's report does is to look at the national, and market-level data, compared with the same market readings, prior month and prior year. Chen also looks at four separate price bands for homes for sale:
- The low price tier had a 4.8-month supply, which was back down to the September 2005 level, and less than half of its January 2008 peak. The October 2015 months’ supply was still 26 percent above the low-price tier’s May 2002 trough.
- The low-to-middle price tier also had a 4.8-month supply in October, which was back to its September 2004 level, as well as about a third of its January 2009 peak, and 34 percent above its June 2000 trough.
- The middle-to-moderate price tier had a five-month supply in October, back to its April 2005 level. The October supply was about a third of its January 2008 peak, and 31 percent above its August 2003 trough.
- The high-price tier had a 7.6-month supply in October, back to its June 2006 level. The October supply was a third of its January 2009 peak, and 55 percent above its June 2000 trough.