The reality of low inventory has finally sunk in to the existing home sales market, which was climbing steadily against almost all expectations for the past four months before today’s speed bump. But it’s very difficult to sustain growing sales volumes when there simply aren’t many homes for sale. What’s more, those homes that are for sale are increasingly unaffordable for first-time and entry-level home buyers. The inventory of condos, in particular – which have become a popular option for buyers looking for both lower prices and more urban living options – really fell off a cliff in July, down more than 12 percent from June. Interestingly, the country’s least affordable region was least impacted by the summer swoon in existing sales – sales in the West were up slightly from June and off only slightly from a year ago, and are now back to the same levels seen in the early 2000s. Demand from buyers in the pricey and fast-growing markets that make up the West region remains strong enough to counter the affordability and inventory headwinds buffeting other areas. It remains to be seen how long that will last.