With today’s update of Existing Home Sales, Calculated Risk has updated the always-useful chart showing how many months of household inventory remains on the market.
The important line here is the red line: Months of housing supply on the market.
The months of supply is down to 5.4 months, which is down from last month, and sharply down from a year ago.
Everybody who is trying to sell their house should be thrilled that the balance between sellers and buyers is coming back into balance.
Says Nomura, with respect to today’s housing news:
The housing data revealed today are quite positive, reflecting the sustained recovery in the housing market that began earlier this year. Housing data for the months of November and December might reflect a slowdown mainly due to Hurricane Sandy. This slowdown would be temporary as people look to rebuild their homes that were destroyed during the hurricane and as transactions affected by Sandy are completed.
Photo: Calculated Risk
Business Insider Emails & Alerts
Site highlights each day to your inbox.