Even with the tremendous amount of policy stimulus, home sales are still down around 70% from their pre-recession highs. The fact is that it is still taking a record median 14.4 months for homebuilders to locate a buyer upon completion of the unit. In addition, the fact that median home prices fell 3.4% last month (average prices slid 11% in the second sharpest monthly decline in the 35-year history of the data series) is testament to the view that demand is still experiencing trouble keeping up with the available supply.
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