In his first look at housing data and analysis for how 30 local housing markets performed during September, Calculated Risk’s Bill McBride focuses on Denver, Las Vegas, and San Diego.
From Denver Metro Association of Realtors® (DMAR): DMAR Real Estate Market Trends Report
After Realtors® felt a relative slow down and seasonal return in July and August, September felt back to the normal red-hot speed in today’s housing market. Closed properties were 12.81 percent lower than last month at this time and a notable 19.27 percent lower than last September. With lower inventory and fewer homes, the balance of supply and demand stayed steady, leading to another month of competition for buyers. Months of inventory increased to 0.76 and while it may not have felt like a huge increase, it gave potential buyers a few more options.
From Las Vegas Realtors® Southern Nevada housing market stabilizing, but still setting records, LVR housing statistics for September 2021
“The housing market is starting to stabilize nationwide. This month’s LVR statistics suggest that we may be doing the same here in Southern Nevada,” said LVR President Aldo Martinez, a longtime local REALTOR®. “Prices are still increasing, but they’re going up more gradually than in previous months. We may be getting back to the type of seasonal trends we were used to seeing before the pandemic. Local home prices and sales typically peak during the summer and slow down a bit in the fall and winter before rising again in the spring. The pandemic disrupted this pattern last year.”
Inventory in San Diego is at an all time low, whereas inventory in Denver is up 107% (about double) from the all time low in March of this year. Las Vegas inventory is up 74% from the record low in April. Most markets have seen active inventory increase from earlier this year, but San Diego and Miami are plumbing new lows.
PB Topical Ref
