Today, in the Real Estate Newsletter: Final Look: Local Housing Markets in October
Excerpt: Here is a summary of active listings for the housing markets that have reported in October. For these markets, inventory was down 5.9% in October MoM from September, and down 26.5% YoY.
Of these markets, inventories in Jacksonville, Miami and San Diego are at record lows. Sacramento and Washington, D.C. are the only markets with inventory up YoY in October (Austin is essentially unchanged YoY).
Inventory almost always declines seasonally in October, so the MoM decline is not a surprise. Last month, these markets were down 24.5% YoY, so the YoY decline in October is larger than in September. This is not indicating a slowing market.
In California, the C.A.R. reported inventory was down 18.3% YoY, but this isn’t included in the table since C.A.R. doesn’t report monthly numbers.
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