The July Housing Supply Outlook is out. Once again, in the interest of making your time with this detailed report tool as efficient as possible, here's a few items to watch for:
- The new construction market has achieved an important step towards its eventual recovery. The Months Supply of Inventory for new construction properties is now less than at this time one year ago -- dropping slightly from 11.0 months in July 2007 to 10.8 today. This figure has been increasing steadily for several straight years. A drastic decrease in new construction inventory is the reason for the decline.
- Condominium prices continue to indicate healthier dynamics than the other property types, with both average sales price and price per square foot up slightly. This sub-market seems to have peaked and flattened earlier than others, and also has far fewer foreclosures and short sales affecting overall price data.
- The entire market continues to shift downward to the lower price ranges, in both supply and demand -- an indication of the growing prevalence of lender-mediated foreclosures and short sales in the Twin Cities.