9.6 months

Total U.S housing inventory at the end of January, according to a new press release from the National Association of Realtors—at the current sales rate, it would take nearly 10 months for all existing homes on he market to sell. The NAR also reported yesterday that sales of existing single-family homes, town houses, condos, and co-ops fell to a seasonally adjusted rate of 4.49 million units, an unexpected 5.3 percent drop from December 2008 and an 8.6 percent decline from year earlier. A record 7.08 million existing homes were sold in 2005.

Essential information: If you're in the market for a home, you might be able to benefit from a federal tax credit. The Internal Revenue Service announced yesterday that if you qualify for the credit for first-time home buyers and purchase a home before December 1, 2009, you can get up to an $8,000 credit ($4,000 for married couples who file taxes separately). Read the details in this IRS release. Once you move in, use our interactive Home Improvement Guide and remodeling tips for first-time home buyers.