The Rental Inventory is Problematic Too; Rates Back to Lowest Levels in Over a Year

There probably hasn’t been a report on home sales or prices in the last four years that hasn’t referred to the role of housing inventory in the depressed level of the former or the rapid acceleration of the latter. According to data from CoreLogic, there was a 4.5-month supply of homes available at the current rate of sales in March. (We assume that number includes both new and pre-owned homes.) This is less than half the supply, 9.1 months, available in March 2009. Shu Chen writes in CoreLogic’s Insights blog that that both new construction and the mobility of homeowners have traditionally driven inventories and those are at low levels, but the shifting of homes to the rental market has also played a large role. This shift, of course, started with the housing crisis as millions of owner-occupied

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