From Minneapolis Association of Realtors hee are a few highlight from the January housing supply outlook:

The January Months Supply of Inventory dropped to 7.6-9.3 percent below the same time last year. The lowest months supply can be found in single-family detached properties, which currently sits at 7.0. The highest can be found in condominiums-a hearty 11.4 months of supply is available in that segment.

The lower price ranges continue to see a growing share of market activity. Home sales below $150,000 have more than doubled in the last year, jumping 133.1 percent. The lion’s share of homes being sold in these price ranges are lender-mediated foreclosures and short sales.

As a result of this growing phenomenon, prices continue to soften. The Average Price Per Square Foot over the last twelve months is 14.5 percent lower than the twelve months before that. The largest declines can be seen in single-family detached properties.