New homes report

Lots of numbers on how many new homes got permitted/under construction/completed - http://www.census.gov/const/www/newressalesindex.html

http://www.census.gov/ftp/pub/const/stage_seas_cust.xls

Around 43K new homes are being sold in July 2008. The median duration a home was on the market was 8.5 months. There are 416K new homes in permit/under construction/completed state on the market as of July 2008. At the rate of 43K per month, it'll take 9.67 months to sell out existing inventory.

Looking at the data for past 10 years, the median duration for a home on the market was 4.63 months on average.