November Housing Supply Outlook

The Minneapolis Area Association of REALTORS recently published their housing outlook for November.

Inventory is growing as home sales decline. All three property types and five of the eight price ranges that we track are showing year over year increases in homes for sale. The biggest area of growth is in the lowest price ranges, where an influx of new foreclosures and short sales and a decline in sales post-tax-credit has led to the growth.

Sales are declining in all price ranges except the high-end markets above $500,000, where sales have eked out small gains over the last 12 months.

Prices are softest in the condominium segment, where the Average Price Per Square Foot has dropped by 13.5 percent in the last year.

You can get all of the details online.

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