See How Housing is Doing in States with Highest and Lowest Inventory Levels

On December 27, 2022, we published Housing Price Projections.

In this article, we discussed our projections based upon the inventory by state leading into the end of the year (2022).

• How do you think these states are doing?

For those states that had very low inventory, and for those states that had healthy levels of inventory, it would be interesting to see how they are performing so far as we approach Spring 2023.

Being that Spring is a time where sales tend to increase due to the turn of the seasons, typically buyer-demand increases.

Therefore, in reference to the consumer’s sentiment, let’s see how housing prices have been affected in areas that ended the year with both low and high inventory levels.

• Keep in mind, that other factors in addition to interest rates, affect demand like employment, cost of living, preferred weather conditions, safety and overall economic growth.

Let’s get started.

States Ending 2022 with Low Housing Inventory Levels

Note: All of the following states were reported to have one month of housing inventory ending November 2022 as per Redfin.com.

Delaware – 

Ending November 2022, median sales prices in Delaware was $366,100.

The housing inventory is currently two months, increasing by one month, and the median sales price has declined 18.19%.

Kansas – 

Ending November 2022, median sales prices in Kansas was $262,500.

The housing inventory is currently one month still, and the median sales price has declined 7.39%.

Maryland –

Ending November 2022, median sales prices in Maryland was $376,700.

The housing inventory is currently two months, increasing by one month, and the median sales price has declined 4.35%.

States Ending 2022 with “Healthy” Housing Inventory Levels

Note: All of the following states were reported to have four months of housing inventory ending November 2022 as per Redfin.com, except for Nevada, which was five months.

Nevada – 

Ending November 2022, median sales prices in Nevada was $420,900.

The housing inventory is currently five months still, and the median sales price has declined 3.18%.

Florida – 

Ending November 2022, median sales prices in Florida was $390,900.

The housing inventory is currently five months, increasing by one month, and the median sales price has declined 1.10%.

Arizona – 

Ending November 2022, median sales prices in Arizona was $420,500.

The housing inventory is currently four months still, and the median sales price has declined 3.40%.

Hawaii – 

Ending November 2022, median sales prices in Hawaii was $698,500.

The housing inventory is currently five months, increasing by one month, and the median sales price has declined 2.76%.

Idaho – 

Ending November 2022, median sales prices in Idaho was $462,600.

The housing inventory is currently four months still, and the median sales price has declined 1.34%.

New Mexico – 

Ending November 2022, median sales prices in New Mexico was $327,100.

The housing inventory is currently four months still, and the median sales price has increased 1.47%.

South Carolina – 

Ending November 2022, median sales prices in South Carolina was $356,900.

The housing inventory is currently four months still, and the median sales price has declined 2.07%.

Tennessee – 

Ending November 2022, median sales prices in Tennessee was $367,500.

The housing inventory is currently four months still, and the median sales price has declined 3.10%.

Texas – 

Ending November 2022, median sales prices in Texas was $344,400.

The housing inventory is currently five months, increasing by one month, and the median sales price has declined 2.18%.

Conclusion

There is a clear trend that median home prices are declining. 

However, there isn’t a clear trend to reflect that inventory levels are a true catalyst to defining the direction of home prices currently. It is quite possibly too early to revisit this data.

As transactions increase, we will see more definitive data ahead.

• The call-outs from this data, are that all states with very low inventory still saw a decline in median home prices, and that New Mexico, yet increased in median home prices, despite having a healthy level of inventory.
• I would be interested to see what is going on in New Mexico to cause the trend to continue up. It appears, there are some indicators to an emerging market there.

Thanks for joining us today faithful readers – future leaders.

We hope this information has been helpful.

Love ya and continue to strive for growth.

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Please comment your thoughts on the data shared today.