Housing Supply Outlook - February 2009
The February Housing Supply Outlook just hit the Internets. Here's a quick breakdown of some key trends to watch:
Compared to one year ago, the Months Supply of Inventory continues its steady decline. The February number is 7.7 months, down a healthy 13.8 percent from last February. Increased buyer demand for foreclosures and short sales has been a crucial stimulant to bringing our oversupply problem down in the last year.
Condominium sales continue to look anemic. Compared to one year ago, sales are down 22.9 percent overall, and down 44.8 percent in the new construction category. The number of condos for sale has also declined, but not enough to reign in the months supply from rising to 11.8 months, up 16.6 percent from last year.
The price ranges above $500,000 are the only ranges where months supply is increasing. Sales in these segments have dropped at a faster rate in the last year than the inventory of homes for sale.
Information Courtesy of the Minneapolis Area Association of Realtors.
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