Whatever opportunities there are in the lower price ranges are quickly being snatched up. While the inventory of properties for sale under $120,000 has increased by 83.9 percent in the last year, home sales in that segment have increased by 195.3 during the same time period.
The net effect of this explosive sales activity is that the Months Supply of Inventory in this price range has dropped a whopping 37.7 percent in the last year to its current rate of 6.6 months -- easily the lowest of all price ranges we track. A hearty 66.6 percent of the current inventory in this price range is lender-mediated foreclosures and short sales.
The overall Months Supply of Inventory declined to 9.0 months, a drop of 5.2 percent from the same time last year. Condominiums and townhomes have seen an increase in Months Supply in the last year, while single-family detached homes have experienced a decline of 10.2 percent.
Click here for the full November Housing Supply Outlook.
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