The May Housing Supply Outlook is live all up in the interwebz. As usual, here's a quick feel for what to watch for in this in-depth, detailed look at supply and demand in the Twin Cities. Lately, there appears to be a jumbo-sized problem with home sales (if you know what we mean):
While it's certainly welcome news that home sales are up in the Twin Cities metro, there's a big caveat to keep in mind pertaining to price points. All of the growth in sales can be found in the lower price ranges where, not coincidentally, foreclosure and short sales are more common.
The largest drops in home sales can be found in the price ranges above $350,000 where, not coincidentally, higher jumbo mortgage rates are charged to borrowers.
The inventory of homes for sale is now lower than it was a year ago for every price range except homes under $120,000, where it is still up 38.1 percent from this time last year.