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) | |||||