Existing home sales decreased 4.3% from July to August and 12.8% year-over-year.
Total inventory increased .4% from July and 19.2% year-over-year.
Months of supply increased 5.3% from July and 37% year-over year.
Median price decreased 1.83% year-0ver-year but increased .2% from last month. The median price hasn't jibed with the Case Shiller index for some time.
Here is a chart of total inventory
And months supply
Total inventory is higher, but marginally from last month. The main reason for the increase in months of supply is the decrease in sales this month.
However, this report still isn't that good. Inventory stands at an all time high and there's a ton of inventory available at the current sales rate. This is occurring when there's a tightening credit market. Combine all of these factors and it's pretty obvious the housing market isn't anywhere near a bottom.
