Month end SFH inventory will finish at 5,000+ for April. It peaked at 4,369 in 2009.
May could be an interesting month to watch. If the inventory continues to grow at this pace and we do indeed hit 6,000+ in May, that's when things could get interesting (last occurred in July of 2008).
But if 5,000ish is the peak, then it could just be blah.
Sales are down slightly from March, looks like they will finish April at around 1,340 for SFH (1,396 for March). The pending median price has been dropping fairly significantly as of late ($409k), but April will finish at $416k, just $7k down from March.
|