The trend towards comparative demand weakness continued in April, with existing home sales down 6.6 percent from April 2006. Compared to last year, condo sales were actually little stronger, but single family home sales were quite a bit weaker.
We’ve seen the flipside of that pattern in resale inventory. As in recent months, the mix of homes for sale includes more single family units and fewer condos than last year’s mix. As a matter of fact, condo inventory was actually down from the prior year while single family inventory was up. In aggregate, inventory was up a slight 2.1 percent over last April.
The months-of-supply figure for both property types ended up at about 6.6 months.
— RICH TOSCANO