6 Local Housing Markets in August

Denver, Las Vegas, San Diego, North Texas (Dallas/Ft. Worth), Northwest (Seattle), Santa Clara (San Jose)

I’m tracking about 30 local housing markets in the US. Some are states, and some are metropolitan areas. I think it is especially important to watch inventory this year, especially active inventory and new listings.

Each week I’ll post additional markets as the data is released.

Here is a summary of active listings for the first 6 housing markets released for August. So far inventory is down 6.1% in August from July, and down 31.9% year-over-year.

And here is a table for new listings in August. So far new listing are down year-over-year.

Below is a summary for each of these markets (and local commentary if available).

Denver Real Estate in August: Sales Down 15% YoY, Active Inventory Down 35% YoY

From the DMAR: Monthly Indicators, August 2021

  • Total Residential Units Sold in August 2021 were 5,618, down 15.1% from 6,615 in August 2020.

  • Active Residential Listings in August 2021 were 3,582, down 11.7% from last month, and down 34.8% from 6,449 in August 2020.

  • New Residential Listings in August 2021 were 6,109, down 14.6% from last month, and down 10.1% from 6,794 in August 2020.

  • Active inventory in Denver is up 87% from the record low in March 2021.

Inventory in Denver had been fairly steady over the last 6 or 7 years, but declined sharply in 2020.  This is still the lowest level of inventory for August on record.

From DMAR: DMAR Real Estate Market Trends Report | SEP. '21

Keeping in trend with traditional seasonality, the transition from July to August felt like a shift as vacations slowed down in preparation for the school year and fall. Buyers are more willing to be patient in order to find the right house for the “right” price. The report saw this reflected in the days in MLS, which increased from nine to 11 in August 2021. Likewise, the close-price-to-list-price ratio dipped ever so slightly month-over-month. In a dramatic data point, the month-end active inventory dropped 11.69 percent. Historically speaking, the change in inventory is relatively consistent from July to August.

However, with both inventory and new listings decreasing, the short-lived “loose grip” on inventory has tightened once again. Months of inventory decreased from the previous month to 0.637. The report also indicated that if no one were to put a property on the market for 19 days, there would be nothing to sell in the entire Denver Metro area.

Las Vegas Real Estate in August: Sales up 14% YoY, Inventory down 36% YoY

  • Total Residential Units Sold in August 2021 were 4,098, up 14.0% from 3,594 in August 2020.

  • Active Residential Listings in August 2021 were 3,943, up 7.5 % from last month, and down 36.2% from 6,183 in August 2020.

  • New Residential Listings in August 2021 were 4,985, up 3.2% from 4,831 in August 2020.

  • Active inventory in Las Vegas is up 68% from the all time low in February 2021.

The Las Vegas Realtors reported Southern Nevada home prices pause at record level; LVR housing statistics for August 2021

A report released Wednesday by Las Vegas REALTORS® (LVR) shows local home prices holding steady as families were preoccupied getting their kids in school, graduates off to college and all the seasonal reasons that cause what LVR leaders called a momentary pause while the market readies for its last surge before the expected holiday slowdown begins.

Meanwhile, the local housing supply continues to grow slowly, making August the seventh straight month when there were more properties available without offers than in the previous month.
...
LVR reported a total of 4,098 existing local homes, condos and townhomes sold during August. Compared to one year ago, August sales were up 10.3% for homes and up 29.8% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total.

By the end of August, LVR reported 3,256 single-family homes listed for sale without any sort of offer. While up from the previous month, that’s down 29.8% from the same time last year. The 687 condos and townhomes listed without offers in August was down 55.5% from one year ago.
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With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.3% of all existing local property sales in August. That compares to 1.2% of all sales one year ago, 2.1% of all sales two years ago, 2.5% three years ago and 6.1% four years ago.
emphasis added

North Texas Real Estate in August: Sales Down 4% YoY, Inventory Down 31% YoY

From the NTREIS for North Texas (including Dallas/Ft. Worth):

  • Total Residential Units Sold in August 2021 were 12,102, down 3.8% from 12,576 in August 2020.

  • Active Residential Listings in August 2021 were 11,633, down 5.9% from last month, and down 31.1% from 16,895 in August 2020.

  • New Residential Listings in August 2021 were 13,030, down 1.0% from 13,156 in August 2020.

  • Active inventory in North Texas is up 73% from the all time low in March 2021.

Northwest Real Estate in August: Sales up 7% YoY, Inventory down 23% YoY

  • Total Residential Units Sold in August 2021 were 10,571, up 7.4% from 9,847 in August 2020.

  • Active Residential Listings in August 2021 were 7,425, down 6.6% from last month, and down 22.6% from 16,895 in August 2020.

  • New Residential Listings in August 2021 were 11,437, down 4.2% from 11,943 in August 2020.

  • Active inventory in the Northwest is up 34% from the all time low in April 2021.

The Northwest Multiple Listing Service reported Northwest MLS brokers say August housing activity follows patterns of seasonal slowing

August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service when commenting on newly-released statistics. Figures comparing July to August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices.

"August showed a more traditional seasonal pattern with decreased activity as families took end-of-summer vacations and made back-to-school preparations," remarked Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate.
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NWMLS statistics show the volume of new listings added during August, including single family homes and condominiums, declined from both July (down 11.5%) and twelve months ago (down 4.2%). Total inventory for the 26 counties in the report also fell, shrinking about 6.6% from July and nearly 22.6% from a year ago. At month end, there were 7,425 active listings, down from the year-ago total of 9,591.

San Diego Real Estate in August: Sales Down 4% YoY, Inventory Down 46% YoY

From the San Diego Realtors:

  • Total Residential Units Sold in August 2021 were 3,476, down 4.3% from 3,631 in August 2020.

  • Active Residential Listings in August 2021 were 3,067, down 8.4% from last month, and down 45.7% from 5,649 in August 2020.

  • New Residential Listings in August 2021 were 3,685, down 18.4% from 4,517 in August 2020.

  • Active inventory in San Diego is up 3.4% from the all time low in March 2021.

Santa Clara Real Estate in August: Sales Up 29% YoY, Inventory Down 22% YoY

From the Santa Clara County Association of Realtors:

  • Total Residential Units Sold in August 2021 were 1,641, up 29.4% from 1,268 in August 2020.

  • Active Residential Listings in August 2021 were 1,516, down 16.7% from last month, and down 21.5% from 1,932 in August 2020.

  • New Residential Listings in August 2021 were 1,709, up 2.6% from 1,665 in August 2020.

  • Active inventory in Santa Clara is up 58.4% from the all time low in December 2020.

Much more to come!