"Although home sales are stabilizing, inventory overhangs still are quite heavy in the markets for both new and existing housing."

Inventories of new single-family homes for sale still are close to record levels, the inventory of completed new homes is at a new record, and the overall inventory-to-sales ratio was at a historically high seven months at the end of October — equivalent to the third-quarter average.

"In the market for existing single-family homes, the unsold inventory is hanging around the record level reached in July and the months’ supply is stubbornly high."

Inventories of existing condo units still are climbing to higher and higher records, and the months supply was up to 9.1 October.

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