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Wednesday, July 21, 2021

Existing Home Inventory in June: Local Markets

by Calculated Risk on 7/21/2021 03:50:00 PM

I'm gathering existing home data for many local markets, and I'm watching inventory very closely this year.


The table below shows some local market data for June.

Note: California reported a 15.4% increase in active inventory from May to June, but they don't report the actual numbers - so California isn't include in the table below.  But this is similar increase to most other areas.

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 43% year-over-year, inventory is up 12.6% month-to-month.  Seasonally we'd usually expect an increase in inventory from May to June - so some of this increase is seasonal (as opposed to a shift in the market).   

It does appear inventory bottomed seasonally in March.

Existing Home Inventory
 Jun-21May-21Jun-20YoYMoM
Alabama9,9549,36316,518-39.7%6.3%
Atlanta7,7877,53017,596-55.7%3.4%
Boston3,8223,4184,697-18.6%11.8%
Charlotte3,4623,1047,182-51.8%11.5%
Colorado9,1917,03422,230-58.7%30.7%
Denver13,1222,0756,383-51.1%50.5%
Houston24,22522,60735,281-31.3%7.2%
Indiana7,7436,55912,139-36.2%18.1%
Las Vegas3,0292,5606,695-54.8%18.3%
Maryland8,5507,49015,558-45.0%14.2%
Minnesota10,2278,95317,285-40.8%14.2%
New
Hampshire
2,5051,9593,613-30.7%27.9%
North
Texas
9,7478,12619,406-49.8%19.9%
Northwest6,3585,5339,670-34.3%14.9%
Phoenix5,8665,2188,792-33.3%12.4%
Portland2,7222,3394,109-33.8%16.4%
Rhode
Island
1,9851,1432,966-33.1%73.7%
Sacramento1,29712671,495-13.2%2.4%
South
Carolina
11,57811,27822,676-48.9%2.7%
Total1130,048115,481227,908-42.9%12.6%
1excluding Denver (included in Colorado)