Strong buyer demand is being tested by a lack of inventory. Despite a 60% YOY decline in available listings, closed sales are up by 3% (through March 9th). With rising values and fewer entry-priced sales in the mix, average sale price is up 14%. Both YTD new pendings and closed sales are up by 3%, but new listings have been slow to arrive. The growing inventory shortage is stifling sales. Closed sales, which were up 8% YOY in January, were up by just 1% in February. Buyer competition continues to lift values. YOY monthly price per square foot was up by 11% in January and 15% in February.
|YTD Vol (million)||$1,642.8||$1,825.6||$2,143.3||17%|
< 1 minute Inventory Continues to decline—September 1st inventory dropped 4% in the past month and is down 47% since this time last year. Inventory shortages are more severe in the lower price [...]
< 1 minute The recent rebound of home sales suggests the pandemic did not derail home buyers. Home price appreciation continues at a solid pace, reflecting fundamental strength in demand and the limited [...]
< 1 minute Supply and Demand The chart above provides a snapshot of market activity over the past year. Notice how seasonal active listings (red) has dropped compared to prior months while monthly [...]