His comment was in response to the finding that unsold home inventory has risen to a 23-year high even as home prices have declined across the country. The inventory now represents nearly a year’s worth of single-family homes on the market.
More on the unsold home inventory on the market:
The inventory of unsold homes jumped 10.5% to 4.55 million, an “uncomfortably high” level, said Lawrence Yun, chief economist for the real estate trade group.
Inventories represented an 11.2 month supply at the April sales pace, the highest since the records began in 1999.
The inventory figures are not seasonally adjusted. Typically, inventories rise about 7% in April, as the spring and summer sales season kicks into high gear.
For single-family homes alone, the inventory rose to 10.7 months’ supply, the highest since 1985. For condos, the inventory of 14.2 months is the highest ever.
Sales of single-family homes fell 0.5% in April to a 4.34 million annual pace, down 16% in the past year and 32% from the peak. Condo sales dropped 5.2% in April to a 550,000 annual pace.
Yun let’s us know he’s still a paid shill at the end of the day as he waxes euphemistically about the recovery of several hammered markets, including San Diego:
"Several markets that have seen price declines of 20% or so are turning around, Yun said, pointing to San Diego, Detroit and Fort Myers, Fla."
