The inventory of homes for sale continues to drop relative to one year ago, now 5.0 percent lower. Condominiums have seen the largest drop, falling close to 10 percent from this time last year. Unfortunately, they've also seen the largest decline in sales -- muting the good news for condo sellers.
Home values continue to experience downward pressure as foreclosures and short sales (i.e. lender-mediated properties) work their way through the sales cycle. New construction homes, which are very rarely lender-mediated, aren't experiencing the same overall value decline.
A growing portion of market activity continues in the lower price ranges. The segments below $190,000 continue to heat up in both supply and demand, while above that watermark they're tapering off.
Click here for the full Housing Supply Outlook.
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