New listings for the week ending April 7 held flat with the week previous despite the onset of the normally bustling spring selling season. Compared to one year previous, this is an 18.5 percent decline. We can point to the holiday weekend for at least part of this drop-off, which didn't put its annual stutter step into the spring market until April 16 last year. But it does appear that buyer activity remains in a post-boom correctional pause, with newly signed purchase agreements (pending sales) rising only slightly from a week ago. There were exactly 1,000 new sales for the week ending April 7, down 16.0 percent from the same time last year.
This week's edition of the MAAR Weekly Market Activity Report features an updated Housing Supply Outlook for April 2007 of 7.7. This means that it will take the current inventory of homes 7.7 months to sell through, with a 5-month supply considered indicative of a balanced market between buyers and sellers. Previously owned homes have a current supply of 7.2 months while new construction has 10.9 months of supply.
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