The housing market data from 2019 to 2023 provides insights into the dynamics between existing and new units, as well as the total number of units available each year. According to official data the housing market experienced a slight growth during this period. Several factors, such as the federal stimulus funds, interest rates, limited supply and strong demand affected the market.
2019: The market had a total of 10,837 units available, with 9,364 existing units and 1,473 new units. This year had the second-highest number of new units added throughout the observed period, indicating a robust addition to the housing stock.
2020: There was a noticeable decrease in both existing and new units compared to 2019. The total units available dropped to 10,226, with 9,275 existing units and only 951 new units. The significant drop-in new units could suggest a slowdown in construction or development activities, possibly influenced by external factors such as economic conditions or policy changes.
2021: This year saw a substantial increase in available housing, totaling 13,284 units. The existing units jumped to 12,265, and there were 1,019 new units. The sharp increase in existing units could indicate a recovery or a response to increased demand in the housing market.
2022: The total units decreased slightly to 10,915, with 9,962 existing units and 953 new units. This indicates a stabilization of the market after the significant increase observed in 2021, maintaining a steady supply of both existing and new housing units.
2023: The total units available further decreased to 10,479, with existing units at 9,694 and new units at 785. The continued decrease in new units to the lowest point in the observed period suggests a slowing momentum in housing development.
Conclusions
There’s a clear downward trend in the number of new units being added to the market, with the highest in 2019 (1,473 units) and the lowest in 2023 (785 units). This could reflect challenges in the housing development sector or a shift in focus towards utilizing and improving existing housing stock.
The existing units saw a peak in 2021 (12,265 units), followed by a decline. This fluctuation might be influenced by market demand, changes in housing policies, or economic factors affecting homeowners’ decisions to sell or hold onto their properties.
The housing market experienced growth in 2021, possibly recovering from a dip in 2020. However, the following years showed a trend of gradual decrease in total units available, pointing towards a tightening market with fewer new units being introduced.
This analysis suggests that the housing market is experiencing a shift, potentially driven by reduced development activity, and changing dynamics in existing housing. Factors such as economic conditions, interest rates, and policy changes could be influencing these trends. Further investigation into these aspects could provide a deeper understanding of the market’s direction and the challenges and opportunities within the housing sector.
