Calculated Risk: 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-21 May-21 Jun-20 YoY MoM
Alabama 9,954 9,363 16,518 -39.7% 6.3%
Atlanta 7,787 7,530 17,596 -55.7% 3.4%
Boston 3,822 3,418 4,697 -18.6% 11.8%
Charlotte 3,462 3,104 7,182 -51.8% 11.5%
Colorado 9,191 7,034 22,230 -58.7% 30.7%
Denver1 3,122 2,075 6,383 -51.1% 50.5%
Houston 24,225 22,607 35,281 -31.3% 7.2%
Indiana 7,743 6,559 12,139 -36.2% 18.1%
Las Vegas 3,029 2,560 6,695 -54.8% 18.3%
Maryland 8,550 7,490 15,558 -45.0% 14.2%
Minnesota 10,227 8,953 17,285 -40.8% 14.2%
New
Hampshire
2,505 1,959 3,613 -30.7% 27.9%
North
Texas
9,747 8,126 19,406 -49.8% 19.9%
Northwest 6,358 5,533 9,670 -34.3% 14.9%
Phoenix 5,866 5,218 8,792 -33.3% 12.4%
Portland 2,722 2,339 4,109 -33.8% 16.4%
Rhode
Island
1,985 1,143 2,966 -33.1% 73.7%
Sacramento 1,297 1267 1,495 -13.2% 2.4%
South
Carolina
11,578 11,278 22,676 -48.9% 2.7%
Total1 130,048 115,481 227,908 -42.9% 12.6%
1excluding Denver (included in Colorado)

source

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