by Calculated Risk on 6/17/2007 11:01:00 PM

From the LA Times: It's the New Normal Sellers try for the right price off the bat, while buyers take their time deciding. (hat tip Neal)

By a widely used measure of inventory, there has been an average 8.3-month supply of homes on the market in Los Angeles County over the last 19 years, according to the California Assn. of Realtors. That's how long it would take for the supply of homes to be exhausted at the prevailing sales pace. In April, that supply was 12.1 months in L.A. County and 22 months in Orange County.

12.1 months of inventory in L.A. County? 22 Months of inventory in Orange County? That is higher than I realized.