When more people choose to rent instead of to buy, one of two things happens to existing housing stock that should be on the market or owned. (effectivecoverage.com)
For the past 47 months straight, the level of existing housing inventory — the overall supply of houses available on the market — has never exceeded 6 months worth. (realtor.com)
This would also be consistent with other evidence that demand conditions in the market for existing housing are now easing a little in some areas. (rba.gov.au)