Have no fear, empty lots. Apartment developers will be picking up the slack for flagging land demand in the coming months. (We're sure skateboarders are sad, though.)

Multifamily developers need the land now that apartment vacancies have fallen below 8% in the metro area, say Colliers Bob Mulhern and Pete O'Neil and Bob Mulhern, whojust released a report for the greater Phoenix area. (And you may need another couch, since it'll be harder for your annoying best friend to find a place.) Land sales to residential developers dropped 20% during the second half of 2013 due in part to rising land costs and a shortage of finished lots. But that didn't cool pricing, which reached $2.36/SF during the same period, a 17% jump from the first half of 2013, they say.

With more housing permits being handed out, there's certainly a possibility of additional land sales, says Bob. But that will depend on how existing home sales—particularly with a flood of REOs—keep up. The initial data from sales is that "prices may dip a hair” in single-family homes, and that could further dampen land demand.