The April Housing Supply Outlook just hit the streetz, y'allz. As usual, here's a few items to keep an eye on in this highly detailed monthly report:
- New construction homes continue to go the way of the dodo bird. There are currently 3,149 new construction units listed for sale in the MLS system, down 25.0 percent and over 1,000 units from a year ago. Unfortunately, sales are down even farther, which has pushed the Months Supply of Inventory for new construction properties up to 11.3 months.
- You may have heard the news that home sales are increasing in the Twin Cities. The rise is entirely in the single-family detached segment, however, as both townhomes and condominiums are selling less frequently this year than they did a year ago.
- Similarly, the recent uptick in sales has missed the upper bracket market. Home sales above $190,000 are down 20.0 percent in the last year.