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Existing Home Inventory: Local Markets

by Calculated Risk on 6/17/2021 04:39:00 PM

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-21 Apr-21 May-20 YoY MoM
Alabama 9,363 9,582 17,042 -45.1% -2.3%
Atlanta 7,530 6,964 19,352 -61.1% 8.1%
Boston 3,418 3,788 4,250 -19.6% -9.8%
Charlotte 3104 3,018 8,177 -62.0% 2.8%
Colorado 7,034 7,872 23,060 -69.5% -10.6%
Denver 2,075 2,594 7,170 -71.1% -20.0%
Houston 22,607 22,794 38,048 -40.6% -0.8%
Las Vegas 2560 2,346 7,567 -66.2% 9.1%
Maryland 7,490 7,167 17,254 -56.6% 4.5%
Minnesota 8,953 9,020 18,074 -50.5% -0.7%
New Hampshire 1,959 1,852 4,331 -54.8% 5.8%
North Texas 8,126 8,084 21,610 -62.4% 0.5%
Northwest 5,533 5,616 10,357 -46.6% -1.5%
Phoenix 5218 4541 11,418 -54.3% 14.9%
Portland 2,339 2,222 4,551 -48.6% 5.3%
Rhode Island 1,143 1,520 3,036 -62.4% -24.8%
South Carolina 11,278 11,237 24,878 -54.7% 0.4%
Total1 96,377 96,386 208,127 -53.7% 0.0%
1excluding Denver (included in Colorado)

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