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Saturday, 01 September 2007 |
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When people make the case for the poor state of the housing market, they usually point to one thing above all others... oversupply.
Between August 2003 and March 2007, the supply of single-family homes for sale in the U.S. increased 137%. At its peak, the supply of homes for sale was 8.3 months (meaning it would take 8.3 months – at the current rate of sales – to sell all of the homes currently on the market).
Housing Supply Down 9.6% From Its Peak Five Months Ago Supply of Single Family Homes
This oversupply took its toll on homebuilding stocks, which are down 57% in the last two years... After all, who needs newly built homes when so much supply is already on the market?
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Despite the bad news, the housing market may be closer to a bottom than a top. The supply of homes for sale in the U.S. is starting to fall. Since March, the inventory of homes has decreased from 8.3 months to 7.5 months, a decline of 9.6%.
If this number continues to decline, it may not be long before demand starts rolling in again for the homebuilders.
-Ian Davis
Source Daily Wealth
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