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Existing Home Inventory in June: Local Markets

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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-20YoYMoMAlabama9,9549,36316,518-39.7%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
Hampshire2,5051,9593,613-30.7%27.9%North
Texas9,7478,12619,406-49.8%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
Island1,9851,1432,966-33.1%73.7%Sacramento1,29712671,495-13.2%2.4%South
Carolina11,57811,27822,676-48.9%2.7%Total1130,048115,481227,908-42.9%12.6%1excluding Denver (included in Colorado)

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