In October 2015, the national number of homes for sale equated to a 5.7-month supply, according to CoreLogic. This number is on par with the pre-housing-crisis level in January 2008.
This number is calculated as the ratio of for-sale inventory at the end of the month to number of homes sold during that same month. The resulting number is the number of months it would take to sell the inventory at that month’s sales pace.
In addition to returning to pre-housing-crisis levels for supply, October 2015 also saw 16.2 percent of homes on the market selling within 30 days of the initial list date, which is up 2.3 percent from the pre-crisis peak of 13.9 percent in February 2006.