Jonathan J Miller, Columnist

Want a New House? Good Luck

The decline in the inventory of homes for sale isn't a good sign for the housing market.

April 1, 2015 at 2:24 PM UTC

Jonathan Miller writes about the housing economy and other aspects of real estate. He began a real estate blog, the Matrix, in 2005, and has written a column for Curbed.com. He is co-founder of Miller Samuel, a residential real estate appraisal company, and the commercial valuation firm Miller Cicero.

Growing scarce.
Photographer: Daniel Acker/Bloomberg

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Much of the analysis of the housing market focuses on sales volume and price trends. These are important metrics, of course, but they really don't tell you much about market fundamentals because they are, to a great extent, derivative.

To better understand the health of the market, we need to turn to Econ 101 and look at supply and demand.