Breaking Stories

Existing Home Inventory Might Have Bottomed

by Calculated Risk on 5/13/2021 04:04:00 PM

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

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.

The table below shows some early data for April.

Although inventory in these areas is down about 56% year-over-year, inventory is up month-to-month in most areas, and up 3.1% in total compared to March.

It is still early, but existing home inventory might have bottomed in March.

Existing Home Inventory
Apr-21 Mar-21 Apr-20 YoY MoM
Atlanta 6,964 7,418 19,697 -64.6% -6.1%
Boston 3,788 3,201 3,467 9.3% 18.3%
Colorado 7,872 6,732 23,106 -65.9% 16.9%
Denver 2,594 1,921 6,855 -62.2% 35.0%
Houston 22,794 22,602 39,906 -42.9% 0.8%
Las Vegas 2,346 2,369 7,815 -70.0% -1.0%
Maryland 7,167 6,202 18,563 -61.4% 15.6%
New Hampshire 1,852 1,576 4,295 -56.9% 17.5%
North Texas 8,084 8,123 23,046 -64.9% -0.5%
Portland 2,222 1,943 4,757 -53.3% 14.4%
Sacramento 1,006 918 1,823 -44.8% 9.6%
South Carolina 12,019 12,754 27,024 -55.5% -5.8%
Total1 76,114 73,838 173,499 -56.1% 3.1%
1excluding Denver (included in Colorado)

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