The drop in new listings affected both single family homes and condos. There were 62 new listings of single family homes compared to 133 during the prior period and 197 during the same period last year. 96 new listings of condos came on the market compared to 170 during the prior period and 156 during the same period last year.
Put another way, we had more new listings of just single family homes during the same period a year ago than the combined total of new listings for both condos and single family homes during the last two weeks.
Some of this fall off can be attributed to the downturn we see every year at this time as the graph above shows. But the drop off in new listings is more pronounced this year and that follows a lower than usual level of new listings during this year's spring market.
It's not surprising with the drop in new listings that fewer new listings went into contract.
It's also not surprising that the number of price reductions has dropped compared to the prior two week period and compared to the same period a year ago (which was the second highest for 2016). There were 14 price reductions of single family homes compared to 22 during the prior two week period and 55 a year ago. Condos saw 31 price reductions compared to 33 during the prior period and 41 compared to a year ago.
Apparently this lack of inventory is being felt in many housing markets around the country. It's even alluded to in the headline of my prior post.