by Calculated Risk on 6/07/2022 12:22:00 PM
Today, in the Calculated Risk Real Estate Newsletter: 1st Look at Local Housing Markets in May, Inventory up Sharply
A brief excerpt:
From the Northwest MLS: Western Washington housing market “more balanced, and not so crazy – and that’s a good thing”
“Home sellers really need to re-think their expectations,” suggested Mike Larson, a member of the board of directors at Northwest Multiple Listing Service (NWMLS) when commenting on statistics summarizing May activity. …
Here is a summary of active listings for these housing markets in May. Inventory usually increases seasonally in May, so some month-over-month (MoM) increase is not surprising.
Inventory in these markets were down 28% YoY in February, down 4% YoY in March, up 10% YoY in April, and up 42% YoY in May! So, this is a significant change from earlier this year. This is another step towards a more balanced market, but inventory levels are still historically low.
Notes for all tables:
1) New additions to table in BOLD.
2) Northwest (Seattle) and Santa Clara (San Jose)
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/