Key Highlights
- Improvement in supply began happening in April
- Total listing inventory down -53% y/y nationwide in April 2021
Some Improvement in Listings Inventory
According to a report on the April 2021 housing market by realtor.com, there was an increase of some +33% y/y of newly listed homes nationwide.
In major metro areas, the inventory of newly listed homes increased to +43% in April, according to realtor.com.
Total Listings Inventory Down -53% y/y in April
Realtor.com’s research on listings inventory nationwide indicated that listings inventory was down some -53% y/y in April.
Even thougth there was more newly listed homes on the market in April, the typical for-sale home sat on the market for just 43 days, 20 fewer days than the 63 DOM stat one year ago and down from the 61 DOM stat three years prior.
The result? The imbalance between supply and demand spurred the median list price to a record of $375,000, according to realtor.com.
Greatest Declines in Listings
Of the 50 largest metros in the US, Austin TX led listings declines in April. Austin saw a -73% drop in listings while its median listing price jumped to $515,000.
This median list price of $515,000 represents an increase of some +41% in Austin.
DOM stats in Austin fell to just 18 days. Denver (15 DOM) and Columbus OH (16 DOM) registered even faster list to sell turnarounds than Austin in April
Most Stable Listings Metros
The most stable listings metros tended to be the most expensive metros. Those metro areas included San Francisco’s only -2% decline in listings y/y, San Jose CA, New York, Los Angeles and Boston. All of these supply and demand imbalanced metros saw prices rise y/y.
Realtor.com found only two major metros, Memphis and Milwaukee, where listing prices fell y/y, by some -4% or less.
Declining Listings Coupled with Rising Prices
Take a look at 20 of the nation’s 50 largest metros where listings fell the most year-over-year, according to realtor.com:
Metro Y/Y Listing Med List Y/Y Price
Austin -73% $515K +41%
Raleigh -73% $412K +13%
Jacksonville -73% $349K +12%
Tampa FL -73% $327K +17%
San Antonio -71% $324K +9%
Nashville -71% $417K +11%
Dallas -70% $380K +12%
Phoenix -68% $457K +22%
Okla. City -67% $313K +20%
Charlotte -67% $403K +19%
Riverside -64% $512K +22%
Atlanta -63% $392K +21%
Orlando -62% $332K +6%
Indianapolis -60% $287K +1
Memphis -58% $240K -4%
Providence RI -58% $420K +5%
Denver -57% $575K +5%
Richmond -56% $375K +11%
Kansas City -56% $368K +8%
Milwaukee -55% $332K -2%
Thanks to realtor.com and The New York Times.
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