The July Housing Supply Outlook just hit the internetz and, as usual, here are some quick bullet points of what to watch for.
Takeaway #1: The months supply of inventory for homes under $120,000 has dropped 61.5 percent in the last twelve months from 9.3 to 3.6—the lowest mark for that price range since 2005. Sales have almost quadrupled in that category in the last year while inventory of available homes has basically held flat. In sum, it is now officially a seller's market in that price range.
Takeaway #2: The upper price brackets look markedly different, however. North of $190,000 sales are still in decline compared to a year ago. And north of $500,000 the months supply of inventory available continues to grow.
Takeaway #3: Condominiums remain the only property type that has still seen a year-over-year drop in home sales, down 8.2 percent over the last twelve months. Sales of single-family detached properties are up 20.2 percent and townhomes are up 4.9 percent.
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