The March Housing Supply Outlook has just "hit the streets," as it were. Dedicated fans of the HSO (as we call it) know that there is a literal deluge of information to absorb each month. In the interest of making your time with it more effective, here's a few quick takeaways to look for:
- There has been massive growth in the inventory of homes for sale in the lower price ranges below $190,000. This is very likely a combination of natural price depreciation knocking homes down into the lower ranges and the preponderance of priced-to-move REO properties.
- The two property type categories with the highest months supply of inventory are new construction single-family detached homes (12.0 months) and previously-owned condominums (11.3 months). The two categories with the lowest months supply of inventory are previously owned single-family detached homes (8.7 months) and previously owned townhomes (9.3 months).
- Despite the lowest decline in unit sales of any property type, single-family homes are currently seeing the largest declines in value, 5.6 percent down in price per square foot when comparing home sales for the last twelve months to the previous twelve months before that.
Click here for the full March Housing Supply Outlook.
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