In contrast to yesterday’s Daily Data Discussion post information, today’s data might surprise you a bit. 

Despite the information that we shared from some of the worst single family home markets in the country yesterday, and despite what you hear reflected in the media every day (huge national unsold home inventory) – there are markets around the country with very low inventories of unsold homes. 

We agree with those around the country who opine that new single family home supply production (at least in most markets) dramatically exceeded demand for a time and thus inflated inventories; however, in at least some markets (including several of those listed below) demand has been very strong and tipped the scales in the opposite direction. 

Credit constraints have overtly contributed to declines in new home construction in most markets, subsequently lessening new home contribution to bloated inventories, and will likely have even greater influence over the next several quarters. 

Here are the markets in our database with the smallest 3-quarter rolling average of unsold single family home and condo inventories, expressed in the number of months to sell the supply of listed properties. 

1) Casper, WY   2.0
2) Rochester, NY  2.3
3) San Antonio, TX  3.3
4) Bismarck, ND   3.3
5) Milwaukee, WI  3.6

Database Average:  8.8
Database Median:  7.7

Monday we’ll be back with a look at Education and Health Supersector employment growth.  Have a great weekend. 

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