June Housing Inventory Way Up Across the Country

A fellow blogger over at The Housing Bubble 2 has a very nice entry making it plain that June housing inventory is way up across the country. Based on this article from the California Association of Realtors:

"“Inventory levels in recent months were nearly double that of a year ago,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “This has contributed to the increased pace of home sales in the presence of continued strong demand for housing in California.” C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2005 was 2.7 months, compared with 1.7 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate."