The current recession isn’t like the last one which was lead by the crash of the housing market. Our housing market remains strong but at the same time, the shortage of homes for sale that we have been experiencing for the last few years continues to worsen.
It is possible that we hit bottom in May with the fewest homes listed for sale. It is like September came early. With fewer homes being put on the market the total number of homes on the market is decreasing as buyers continue to buy houses.
During the last recession, demand went down while the supply went up. With fewer homes on the market and high demand for homes, the prices continue to go up.
In February and March, new listings were up from last year. In a typical year, there are fewer homes on the market from November through January than at any other time of the year.
Right now there are about 14% fewer homes for sale in Anoka, Dakota, Hennepin, Ramsey, and Washington counties than there were a year ago, and the average cumulative number of days on the market has gone from 28 days to 26 days.
The chart was created using RPR, which is the Realtors Property Resource which is a database that contains most of the real estate in the US.
I love data.