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Existing Home Inventory in July: Local Markets

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 July.

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 33% year-over-year, inventory is up 13.5% month-to-month (and up 26.5% over the last two months).  Seasonally we’d usually expect a small increase in inventory from June to July – so some of this increase is seasonal (as opposed to a shift in the market).   

It does appear inventory bottomed seasonally in March.  And inventory is still historically very low, but increasing more than just seasonal.

 
Existing Home Inventory

Jul-21
Jun-21
Jul-21
YoY
MoM

Albuquerque
1,062
1,112
1,772
-40.1%
-4.5%

Atlanta
8,668
7,787
15,442
-43.9%
11.3%

Austin
3,294
2,265
5,309
-38.0%
45.4%

Boston
3,719
3,822
4,853
-23.4%
-2.7%

Charlotte
4,073
3,462
7,045
-42.2%
17.6%

Colorado
11,126
10,405
21,959
-49.3%
6.9%

Denver
4,056
3,122
6,449
-37.1%
29.9%

Des Moines
2,086
1,838
2,785
-25.1%
13.5%

Houston
27,268
24,225
34,364
-20.6%
12.6%

Jacksonville
4,668
4,586
7,852
-40.6%
1.8%

Las Vegas
3,669
3,029
6,387
-42.6%
21.1%

Maryland
10,164
8,550
14,685
-30.8%
18.9%

Memphis
2,514
2,242
2,938
-14.4%
12.1%

Minnesota
11,854
10,919
16,861
-29.7%
8.6%

Nashville
4,105
3,377
7,199
-43.0%
21.6%

New
Hampshire
2,103
2,305
3,521
-40.3%
-8.8%

North
Texas
12,363
9,747
18,470
-33.1%
26.8%

Northwest
7,948
6,358
10,259
-22.5%
25.0%

Phoenix
6,746
5,866
8,010
-15.8%
15.0%

Portland
3,180
2,722
4,133
-23.1%
16.8%

Rhode
Island
2,110
1,985
2,775
-24.0%
6.3%

Sacramento
1,602
1,297
1,266
26.5%
23.5%

San Diego
3,349
3,369
5,763
-41.9%
-0.6%

Santa
Clara
1,820
1,767
1,950
-6.7%
3.0%

South
Carolina
12,869
11,163
21,592
-40.4%
15.3%

Total1

152,360
134,198
227,190
-32.9%
13.5%

1excluding Denver (included in Colorado)

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