Inventory and Days on Market:
The inventory of single-family homes as of July 31, 2010 increased 10.0 percent from July 2009 (28,740 listings in 2009 to 31,685 listings in 2010) which translates into 9.9 months of supply in July 2010. This is up from 6.4 months of supply last year and up from 6.1 months in June 2010. This was the fifth straight month of inventory gains and the first double-digit increase since November 2006. There were also more homes for sale this past July than any month since October 2008.
The inventory of condominiums on the market in July was up 2.0 percent compared to the year before (11,724 listings in 2009 to 11,944 listings in 2010), which translates into 9.8 months of supply, which is up from 6.4 months in July 2009 and up from 5.8 months this past June.
Detached single-family homes stayed on the market an average of 110 days in July 2010 compared to an average of 146 days in July 2009. This is the 12th straight month of days on market declines compared to the year before. Condos stayed on the market an average of 126 days, down from an average of 179 days in July 2009. This is also the 11th straight month of days on market declines compared. On a month-to-month basis, days on market for single-family homes were up from 107 days and condos were up from 114 days in June