Abstract
Time series methods are applied to study monthly inventory and sales dynamics in the U.S. market for new single‐family homes. The inventory measure used is the inventory of unsold, new single‐family homes, regardless of the stage of construction. Stylized facts regarding inventory, sales, the inventory–sales ratio and the implied series of speculative housing starts are produced. Implications for structural models of housing supply and the relationship of inventory investment in this market to economy‐wide inventory investment are considered. Finally, innovation accounting methods are applied to a structural VAR to study the responses of inventories and sales to permanent and transitory shocks.
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