I’m gathering existing home data for many local markets, and I’m watching inventory very closely this year.
The table below shows some preliminary data for June (more to come).
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 44% year-over-year, inventory is up 13% month-to-month. Seasonally we’d usually expect an increase in inventory from May to June – so this increase is probably 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 | |
| Atlanta | 7,787 | 7,530 | 17,596 | -55.7% | 3.4% |
| Boston | 3,822 | 3,418 | 4,697 | -18.6% | 11.8% |
| Colorado | 9,191 | 7,034 | 22,230 | -58.7% | 30.7% |
| Denver | 3,122 | 2,075 | 6,383 | -51.1% | 50.5% |
| Houston | 24,225 | 22,607 | 35,281 | -31.3% | 7.2% |
| 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% |
| Portland | 2,722 | 2,339 | 4,109 | -33.8% | 16.4% |
| Rhode Island | 1,985 | 1,143 | 2,966 | -33.1% | 73.7% |
| South Carolina | 11,578 | 11,278 | 22,676 | -48.9% | 2.7% |
| Total1 | 101,726 | 89,970 | 181,782 | -44.0% | 13.1% |
| 1excluding Denver (included in Colorado) | |||||