Final Look at Local Housing Markets in November

No Signs of Slowing; Inventory down Sharply

This is the final look at local markets in November 2021. I’m tracking about 30 local housing markets in the US. Some of the 30 markets are states, and some are metropolitan areas. I update these tables throughout the month as additional data is released.

This update adds Charlotte, Columbus, Miami, New York, and Phoenix.

My view is that if the housing market is slowing, it will show up in inventory (not yet!).

The following data is important, especially active inventory and new listings. One of the key factors for house prices is supply and tracking local inventory reports will help us understand what is happening with supply.

On a national basis, it now seems likely we will see record inventory lows over the Winter.

Active Inventory in November

Here is a summary of active listings for these housing markets in November. Inventory was down 13.5% in November month-over-month (MoM) from October, and down 28.5% year-over-year (YoY).

Inventory almost always declines seasonally in November, so the MoM decline is not a surprise. Last month, these markets were down 25.5% YoY, so the YoY decline in November is larger than in October. This isn’t indicating a slowing market and suggests we will see new record low inventory levels this Winter.

Notes for all tables:

1. New additions to table in BOLD.

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

3. Totals do not include Denver or Minneapolis (included in state totals).

   

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New Listings in November

And here is a table for new listings in November. For these areas, new listings were up 1.0% YoY. Note that not all areas report new listings.

This is slightly more new listings than the same month a year ago.

Closed Sales in November

And a table of November sales. Sales were up 0.3% YoY, Not Seasonally Adjusted (NSA).

This is solid sales in the areas that have reported so far for November.