Written by the Minneapolis Association of Realtors
The September Housing Supply Outlook is available.
Takeaway #1: The single-family detached market segment is rapidly approaching a balanced equilibrium. There are currently 6.3 months of supply available in that segment compared to 8.0 and 11.7 months in the townhome and condominium segments, respectively. The lower price ranges of the single-family detached segment are actually now extreme seller’s markets, with only 2.3 months of supply available under $120,000, for example.
Takeaway #2: Sales continue to boom below $200,000 as first-time buyers move to take advantage of the final days of the federal tax credit. Expect sales to continue at a brisk pace for the next two months as the “last call before bar close” buyers take advantage of the final days of this substantial market incentive.
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