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3rd Look at Local Housing Markets; California Inventory up More Than 20% Year-over-year

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets

A brief excerpt: California doesn’t report monthly sales or inventory, but here is the press release from the California Association of Realtors® (C.A.R.): Rising interest rates and climbing home prices moderate California home sales in April as statewide median price sets another peak, C.A.R. reportsThe number of active listings surged more than 20 percent on a year-over-year basis and recorded the highest yearly growth in properties for sale since January 2019. Active listings in April climbed to the highest level in seven months
Adding Austin, Boston, California, Colorado, Des Moines, Maryland, Minneapolis, Minnesota, Sacramento, South Carolina and Washington, D.C.

Here is a summary of active listings for these housing markets in April. Note: Inventory usually increases seasonally in April, so some month-over-month (MoM) increase is not surprising.

Inventory was up 18.0% in April MoM from March, and down 3.2% year-over-year (YoY). Eleven of these 25 markets were up YoY.

Active inventory in these markets were down 23.5% YoY in February, and down 11.9% YoY in March, so this is a significant change from February and March. This is another step towards a more balanced market, but inventory levels are still very low.

Notes for all tables:

1) New additions to table in BOLD.

2) Northwest (Seattle), North Texas (Dallas) and Santa Clara (San Jose), Mid-Florida (Tampa, Orlando), Jacksonville, Source: Northeast Florida Association of REALTORS®

3) Totals do not include Denver, Atlanta on Minneapolis (included in state totals).There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/

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