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We’ve seen some relief in the Months-of-Inventory category, and that supply-constraint has affected sales volume (transaction count and prices) as we’ve discussed. But I want to highlight another metric to tell that story. In “normal” times (or at least in a mar...

We are starting to see just the barest edges of softening (think moving out of the blast furnace, into the mere lava). July 2021 Months-of-Inventory crawled up to 1.2 for all residential types. We remain 10.4% up YoY on closed units sales, up 27.3% in YoY total closed v...

Lubbock MLS numbers for June 2021 reflected 1.1 Months of Inventory, boosted significantly by 2.2 Months of Inventory in newly constructed homes (tongue firmly in cheek on the “boosted significantly”). Both existing home sales and new home sales are far from the “...

The second chart at this link is a both a bit dated (it’s from late April) and evergreen. I keep thinking about it. It follows a 20-year period (so don’t get too tied up in its implications on today’s inflation.) But compare the ratio of red-and-orange (houses und...

The latest NAR headline is Virtually Every Metro Area Experienced Home Prices Rise in First Quarter of 2021. The story is a mighty reflection on supply and demand. Almost every metro area tracked showed a YoY price increase, most with double-digit increases.

Rather than more statistics, here’s an anecdote that hits the same themes we’ve discussed recently. I’m sitting in the bleachers at a little league game. The younger couple next to me is discussing their own efforts, and the efforts of their parents, to find house...

Odd times show up in odd ways. We are currently in a moment where podcasts are doing stories about people strapping on sandwi...

On several fronts, the housing market has been unusual through 2020. We’ve discussed Months-of-Inventory, which remain very low, and building permits. We’ve discussed the effect of historically low interest rates for home mortgages. Look at the daily legal filings a...

I talk a lot about inventory, Months-of-Inventory, and the like, but it is historically low. There are

Looking at November 2020 MLS reports, we see a continuing seasonal trend of lower inventory and sales. We also see a continuation of the non-seasonal, 2020-special overall reduction of inventory. Ending in November, we sat at 732 units of inventory (versus 778 in Octobe...