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Existing Home Inventory in July: Local Markets

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by Calculated Risk on 8/19/2021 06:11:00 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 July.

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 33% year-over-year, inventory is up 13.5% month-to-month (and up 26.5% over the last two months). Seasonally we’d usually expect a small increase in inventory from June to July – so some of this increase is seasonal (as opposed to a shift in the market).

It does appear inventory bottomed seasonally in March. And inventory is still historically very low, but increasing more than just seasonal.

Existing Home InventoryJul-21Jun-21Jul-21YoYMoMAlbuquerque1,0621,1121,772-40.1%-4.5%Atlanta8,6687,78715,442-43.9%11.3%Austin3,2942,2655,309-38.0%45.4%Boston3,7193,8224,853-23.4%-2.7%Charlotte4,0733,4627,045-42.2%17.6%Colorado11,12610,40521,959-49.3%6.9%Denver4,0563,1226,449-37.1%29.9%Des Moines2,0861,8382,785-25.1%13.5%Houston27,26824,22534,364-20.6%12.6%Jacksonville4,6684,5867,852-40.6%1.8%Las Vegas3,6693,0296,387-42.6%21.1%Maryland10,1648,55014,685-30.8%18.9%Memphis2,5142,2422,938-14.4%12.1%Minnesota11,85410,91916,861-29.7%8.6%Nashville4,1053,3777,199-43.0%21.6%New
Hampshire2,1032,3053,521-40.3%-8.8%North
Texas12,3639,74718,470-33.1%26.8%Northwest7,9486,35810,259-22.5%25.0%Phoenix6,7465,8668,010-15.8%15.0%Portland3,1802,7224,133-23.1%16.8%Rhode
Island2,1101,9852,775-24.0%6.3%Sacramento1,6021,2971,26626.5%23.5%San Diego3,3493,3695,763-41.9%-0.6%Santa
Clara1,8201,7671,950-6.7%3.0%South
Carolina12,86911,16321,592-40.4%15.3%Total1152,360134,198227,190-32.9%13.5%1excluding Denver (included in Colorado)

August 19th COVID-19: Over 1,000 Deaths, Over 75,000 Hospitalized, Almost 160,000 Cases Reported Today

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