by Calculated Risk on 6/12/2011 07:41:00 PM

As a followup to Tom Lawler's post on how the NAR estimates existing home inventory, Ben at HousingTracker.net (aka deptofnumbers.com) has put the aggregate monthly inventory data online.

UPDATE: The NAR does NOT aggregate data from the local boards (see Tom's post for how the NAR estimates inventory). 
Note: Sometime this summer, I expect the NAR to revise down their estimates of inventory and sales for the last few years. Also the NAR methodology for estimating sales and inventory will be changed. Until then, I think the HousingTracker data might be a better estimate of changes in inventory (and always more timely).

Ben is providing a weekly update of aggregate inventory for the 54 metro areas. Right now he is showing inventory is up 0.1% from last month, and down 7.1% from a year ago.

Usually changes in inventory lead changes in house prices.  As an example, the large increase in inventory at the end of 2005 suggested prices would fall in 2006 - and that is exactly what happened.  Now it appears inventory is falling, but of course inventory is still very high and there is a large percentage of distressed inventory, but this suggests house price declines will slow.

Also note that HousingTracker has median asking price data since 2006 (including the 25th and 75th percentiles). Thanks to Ben for putting this online!

Earlier:
• Summary for Week Ending June 10th
• Schedule for Week of June 12th
• Updated List: Ranking Economic Data