2nd Look at Local Housing Markets in September
Adding Memphis, Nashville, North Texas (Dallas), Northwest (Seattle), Sacramento and Santa Clara (San Jose)
This is the second look at local markets in September. I’m tracking about 30 local housing markets in the US. Some of the 30 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
The following data is important, especially active inventory and new listings. I’m looking to see if inventory will follow the normal seasonal pattern and decline into the winter, or if inventory will increase this year.
Also note the divergence between markets (last year all markets mostly moved together).
Memphis, Nashville, North Texas (Dallas), Northwest (Seattle), Sacramento and Santa Clara (San Jose)
Here are a few local comments …
From Sacramento Association of Realtors®: Uptick in sales volume, median sales price dips
September closed with 1,594 sales, a .9% increase from August (1,579). Compared to one year ago (1,695), the current figure is down 6%. … The median sales price decreased 1.9% from $515,000 to $505,000. This figure is up 20.6% from September 2020 ($438,000).
September's housing market remained "very active" to "frenzied" around Washington state with brokers reporting year-over-year (YOY) gains in new listings, closed sales, and prices. Brokers with Northwest Multiple Listing Service also detected growing stability in the condominium market.
Active Inventory in September
Here is a summary of active listings for these housing markets in September. Inventory was up 0.1% in September MoM from August, and down 26.8% YoY.
Inventory in San Diego is at an all time low, whereas inventory in Denver and Sacramento is up more than double from the all time low earlier this year. Sacramento is one of the few areas with inventory up YoY.
Note: New additions to table in BOLD.
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New Listings in September
And here is a table for new listings in September. For these three areas, new listings were down 3.3% YoY.
Note: Not all areas report new listings.
Closed Sales in September
And a table of September sales. Sales for these markets were down 4.0% YoY, Not Seasonally Adjusted (NSA).
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