Friday, March 28, 2014

Housing: The increase in inventory in the West

by Bill McBride on 3/28/2014 03:36:00 PM

Housing Tracker (Department of Numbers) has inventory for a number of cities. Right now we are seeing inventories up sharply year-over-year in several cities in the West.

Note: Housing Tracker is reporting total inventory is up slightly year-over-year in Las Vegas. However, non-contingent inventory has doubled year-over-year according to GLVAR. Contingent inventory includes short sales that make remain contingent for a significant period awaiting lender approval.

Housing Inventory in the West Click on graph for larger image.

This graph shows the year-over-year change in several cities in the West.

Inventory is up 88% in Sacramento, up 57% in Phoenix, up 40% in Riverside, and up 33% in Orange County.

However inventory is only up 3% in San Francisco and 9% in San Diego (Las Vegas total inventory is up 3%, but non-contingent inventory has doubled).

With more inventory, price increases should slow.

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