Friday, May 18, 2018

"CAR: California Existing Single-Family Home Inventory Shows First YOY Gain in a Long While"

by Bill McBride on 5/18/2018 01:56:00 PM

From housing economist Tom Lawler: CAR: California Existing Single-Family Home Inventory Shows First YOY Gain in a Long While

From the California Association of Realtors monthly home sales report for April:

“Statewide active listings (of existing single-family homes) finally reversed nearly three years of decreases after rising 1.9% (YOY) in April.”
CR Note: Here is a table from housing economist Tom Lawler showing the year-over-year (YoY) change for National inventory from the NAR, and the YoY change for California from the CAR.

It appears the YoY declines are slowing nationally, and inventory has started to increase YoY in California.

YOY % Change, Existing SF Homes for Sale
  NAR
(National)
CAR
(California)
Sep-17-8.4%-11.2%
Oct-17-10.4%-11.5%
Nov-17-9.7%-11.5%
Dec-17-11.5%-12.0%
Jan-18-9.5%-6.6%
Feb-18-8.6%-1.3%
Mar-18-7.2%-1.0%
Apr-18-5.7%11.9%
1Estimate by Tom Lawler based on local reports.