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Existing Home Inventory in July: Local Markets

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 Inventory
Jul-21 Jun-21 Jul-21 YoY MoM
Albuquerque 1,062 1,112 1,772 -40.1% -4.5%
Atlanta 8,668 7,787 15,442 -43.9% 11.3%
Austin 3,294 2,265 5,309 -38.0% 45.4%
Boston 3,719 3,822 4,853 -23.4% -2.7%
Charlotte 4,073 3,462 7,045 -42.2% 17.6%
Colorado 11,126 10,405 21,959 -49.3% 6.9%
Denver 4,056 3,122 6,449 -37.1% 29.9%
Des Moines 2,086 1,838 2,785 -25.1% 13.5%
Houston 27,268 24,225 34,364 -20.6% 12.6%
Jacksonville 4,668 4,586 7,852 -40.6% 1.8%
Las Vegas 3,669 3,029 6,387 -42.6% 21.1%
Maryland 10,164 8,550 14,685 -30.8% 18.9%
Memphis 2,514 2,242 2,938 -14.4% 12.1%
Minnesota 11,854 10,919 16,861 -29.7% 8.6%
Nashville 4,105 3,377 7,199 -43.0% 21.6%
New
Hampshire
2,103 2,305 3,521 -40.3% -8.8%
North
Texas
12,363 9,747 18,470 -33.1% 26.8%
Northwest 7,948 6,358 10,259 -22.5% 25.0%
Phoenix 6,746 5,866 8,010 -15.8% 15.0%
Portland 3,180 2,722 4,133 -23.1% 16.8%
Rhode
Island
2,110 1,985 2,775 -24.0% 6.3%
Sacramento 1,602 1,297 1,266 26.5% 23.5%
San Diego 3,349 3,369 5,763 -41.9% -0.6%
Santa
Clara
1,820 1,767 1,950 -6.7% 3.0%
South
Carolina
12,869 11,163 21,592 -40.4% 15.3%
Total1 152,360 134,198 227,190 -32.9% 13.5%
1excluding Denver (included in Colorado)

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