by Calculated Risk on 7/14/2021 04:45:00 PM
Wednesday, July 14, 2021
Preliminary Existing Home Inventory June: Local Markets
I'm gathering existing home data for many local markets, and I'm watching inventory very closely this year.
The table below shows some preliminary data for June (more to come).
As I noted in Some thoughts on Housing Inventory
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.Although inventory in these areas is down about 44% year-over-year, inventory is up 13% month-to-month. Seasonally we'd usually expect an increase in inventory from May to June - so this increase is probably seasonal (as opposed to a shift in the market).
It does appear inventory bottomed seasonally in March.
Existing Home Inventory | |||||
---|---|---|---|---|---|
Jun-21 | May-21 | Jun-20 | YoY | MoM | |
Atlanta | 7,787 | 7,530 | 17,596 | -55.7% | 3.4% |
Boston | 3,822 | 3,418 | 4,697 | -18.6% | 11.8% |
Colorado | 9,191 | 7,034 | 22,230 | -58.7% | 30.7% |
Denver | 3,122 | 2,075 | 6,383 | -51.1% | 50.5% |
Houston | 24,225 | 22,607 | 35,281 | -31.3% | 7.2% |
Las Vegas | 3,029 | 2,560 | 6,695 | -54.8% | 18.3% |
Maryland | 8,550 | 7,490 | 15,558 | -45.0% | 14.2% |
Minnesota | 10,227 | 8,953 | 17,285 | -40.8% | 14.2% |
New Hampshire | 2,505 | 1,959 | 3,613 | -30.7% | 27.9% |
North Texas | 9,747 | 8,126 | 19,406 | -49.8% | 19.9% |
Northwest | 6,358 | 5,533 | 9,670 | -34.3% | 14.9% |
Portland | 2,722 | 2,339 | 4,109 | -33.8% | 16.4% |
Rhode Island | 1,985 | 1,143 | 2,966 | -33.1% | 73.7% |
South Carolina | 11,578 | 11,278 | 22,676 | -48.9% | 2.7% |
Total1 | 101,726 | 89,970 | 181,782 | -44.0% | 13.1% |
1excluding Denver (included in Colorado) |