1st Look at Local Housing Markets in May, Inventory up Sharply

Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in May, Inventory up Sharply

A brief excerpt:

From the Northwest MLS: Western Washington housing market "more balanced, and not so crazy - and that's a good thing"

"Home sellers really need to re-think their expectations," suggested Mike Larson, a member of the board of directors at Northwest Multiple Listing Service (NWMLS) when commenting on statistics summarizing May activity. ...

Here is a summary of active listings for these housing markets in May. Inventory usually increases seasonally in May, so some month-over-month (MoM) increase is not surprising.

Inventory in these markets were down 28% YoY in February, down 4% YoY in March, up 10% YoY in April, and up 42% YoY in May! So, this is a significant change from earlier this year. This is another step towards a more balanced market, but inventory levels are still historically low.

Notes for all tables:

1) New additions to table in BOLD.

2) Northwest (Seattle) and Santa Clara (San Jose)

There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/