Inventory did edge upward, but it's still just 5.3 months of supply - that's well less than the 7.3 months of supply at 2006's market top. Further, 20% of that inventory is homes where construction has yet to begin - a more normal share would be 15%.
Citing continued job gains and the related upward pressure on wages, continued thawing in underwriting, and a depressed homeownership rate, Wesbury and team remain positive on housing's outlook.
Now read: Homebuilders Join The List »
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