Monday , July 26 2021
Home / Calculated Risk / Existing Home Inventory: Local Markets

Existing Home Inventory: Local Markets

Summary:
I'm gathering existing home data for many local markets, and I'm watching inventory very closely this year.As I noted in Some thoughts on Housing Inventory The key for housing in 2021 will be inventory. If inventory stays extremely low, there will be more housing starts and a larger increase in house prices. However, if inventory increases significantly, there will be fewer starts and less price appreciation.The table below shows some data for May.Although inventory in these areas is down about 54% year-over-year, inventory is mostly unchanged month-to-month.  Seasonally we'd usually expect an increase in inventory from April to May.   It does appear inventory bottomed seasonally in March.Note: California reported a 6.6% increase in active inventory from April to May, but they don't report

Topics:
Calculated Risk considers the following as important:

This could be interesting, too:

Calculated Risk writes Monday: New Home Sales

Tyler Durden writes Move Over COVID: A Drug Resistant Super Bug Fungus Is Now Being Reported In Texas And Washington D.C.

Tyler Durden writes Trans Individuals Sue Montana Over Proof-Of-Sex-Change Requirement To Amend Birth Certificates

Tyler Durden writes The Role Of Impaired Liquidity On The Recent Treasury Market Rollercoaster

I'm gathering existing home data for many local markets, and I'm watching inventory very closely this year.

As I noted in Some thoughts on Housing Inventory
The key for housing in 2021 will be inventory. If inventory stays extremely low, there will be more housing starts and a larger increase in house prices. However, if inventory increases significantly, there will be fewer starts and less price appreciation.
The table below shows some data for May.

Although inventory in these areas is down about 54% year-over-year, inventory is mostly unchanged month-to-month.  Seasonally we'd usually expect an increase in inventory from April to May.   

It does appear inventory bottomed seasonally in March.

Note: California reported a 6.6% increase in active inventory from April to May, but they don't report the actual numbers - so California isn't include in the table below.

Existing Home Inventory
 May-21Apr-21May-20YoYMoM
Alabama9,3639,58217,042-45.1%-2.3%
Atlanta7,5306,96419,352-61.1%8.1%
Boston3,4183,7884,250-19.6%-9.8%
Charlotte31043,0188,177-62.0%2.8%
Colorado7,0347,87223,060-69.5%-10.6%
Denver2,0752,5947,170-71.1%-20.0%
Houston22,60722,79438,048-40.6%-0.8%
Las Vegas25602,3467,567-66.2%9.1%
Maryland7,4907,16717,254-56.6%4.5%
Minnesota8,9539,02018,074-50.5%-0.7%
New Hampshire1,9591,8524,331-54.8%5.8%
North Texas8,1268,08421,610-62.4%0.5%
Northwest5,5335,61610,357-46.6%-1.5%
Phoenix5218454111,418-54.3%14.9%
Portland2,3392,2224,551-48.6%5.3%
Rhode Island1,1431,5203,036-62.4%-24.8%
South Carolina11,27811,23724,878-54.7%0.4%
Total196,37796,386208,127-53.7%0.0%
1excluding Denver (included in Colorado)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.