The inventory of completed but unsold new houses fell to 239,000 at the end of October, according to the National Association of Home Builders. That's the fewest since May 1971, when the inventory stood at 236,000. The months' supply -- that is, the amount of time it would take to sell the current inventory at October's sales rate -- fell to 6.7 months, which the NAHB says is "respectable." The historic high was set in January, when the supply topped out at 12.4 months. Meanwhile, the inventory of unsold existing houses fell in October to 3 million, and the month's supply dipped to 6.8 months. The supply of resale houses hit its cyclical peak in June 2008, when it reached 11 months.
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