I just graphed it.
What this chart shows is that new building permit activity has dropped sharply. Given that financing is still difficult to obtain (Construction Loans are probably harder than ever), Demand for housing is expected to remain HIGH, while Supply will take a while to return to pre-Great Recession levels. Thus, we expect to see housing prices to remain steady or rise slightly.
Realtors are also seeing a reduced length of Days on Market, indicating a shrinking inventory of homes. Although the numbers appear to represent a balanced market on the mainland US, it sure feels tight here. Our clients are reporting difficulty finding develop-able properties where the numbers ($$$) pencil out. "There's just nothing out there," is a common refrain.
