Housing Supply Outlook

MAAR Creates Awesome Charts!

The market may be kicking our collective behinds but MAAR continues to kick out awesome research tools.

Here is there most recent - the Housing Supply Outlook.

The stats show some interesting developments including:

Builders have dramatically decreased production in response to changing
market conditions. Total new construction inventory has fallen by 15.3 percent
when compared to this time last year.

The average price per square foot of all new construction units is down 7.9
percent, confirming that builders are reducing prices to sell their excess
inventory.

Condominuims have the highest months' supply of any property type. This
growing imbalance is almost entirely due to a large dropoff in sales of new
construction condominiums, down 37.4 percent from this time last year.
Single-family detached homes are holding their value better than other property
types. Their current supply in months is the lowest, their sales rate has declined
the least, and their average sales price is down only 0.7 percent from this time
last year.

Massive inventory growth is taking place in the lowest price ranges, possibly due
to the role of subprime foreclosures.