I am calling it the inventory bottom. In May there was a two month supply of houses on the market in St. Paul and in June there was a three month supply. The inventory of homes on the market is still small but increasing.
The data used to make the chart came from the Northstar MLS and is deemed reliable but not guaranteed.
NorthstarMLS Matrix 2
This is good news for buyers who will have more choices. I’ll predict that we will end the year with at least a 4 month supply of homes on the market. What I mean by supply is the number of months it would take for all the homes on the market to be sold if buyers continued to buy at the current rate and no more homes were put on the market. The months supply is an absorption rate.
Real estate is local for more local numbers see the Local Market Conditions & Home prices category.