US stock of unsold homes likely went higher in August

The preliminary canvass of available state and local Multiple Listing Service figures and statistical model both suggest that closings on existing dwellings retreated by 2.5% to a seasonally adjusted annual rate of 5.45 million in August from the 8½-year high 5.59 million set in the preceding month. 

"With the number of homes on the market expected to contract by a more modest 0.9% to 2.22 million before seasonal adjustment during the reference period, the stock of unsold dwellings likely moved one tick higher to 4.9 months' supply", says Societe Generale.