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The component of the MRMI that gauges supply was dramatically lower for both market-rate and affordable apartments, standing at 22.2 and 15.7 respectively for the third quarter. At the same time last year, the same component stood at 43.8 for market-rate and 44.3 for affordable apartments.

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The MCMI, which gauges current and expected supply in the condominium market, sank into single-digits for the first time: the index value for current conditions stood at 8.1 in the third quarter, dropping more than five points from 13.5 at the same time last year. Builder confidence in the condo market over the next six months remains low as well: the index tracking this measure fell from 20.8 in the third quarter of 2007 to 9.9 in the third quarter of this year.

Apartment builders are not optimistic about the next six months either, according to the NAHB, as the component tracking expectations for supply for market-rate apartments fell from 47.1 in the third quarter of last year to 19.1 in the third quarter of this year. Affordable housing developers were even more pessimistic: the component of the index tracking their expectations for supply over the next six month slipped to 20.3 in the third quarter of 2008, down from 39.1 at the same time a year ago.