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(Sent ahead of the 10am number)
The actual homes in inventory, as per the attached graph, is exceptionally low, particularly on any kind of population adjusted number.
And with actual inventories this low, much of what’s left may be undesirable for any number of reasons.
While orders for new homes can pick up, it’s unlikely sales out of inventory can show
substantial gains as there doesn’t seem to be much inventory to buy.
But even a modest increase in sales is likely to drop the ‘number of months’ inventory data.