Week of May 6, 2019

Absorption rate

Year-over-year change

Year-over-year change
State name Year-over-year change in absorption rate
National -22.40%
Alabama -2.83%
Alaska No Data
Arizona -20.84%
Arkansas -11.84%
California -37.60%
Colorado -25.42%
Connecticut -5.90%
Delaware -18.89%
District of Columbia -24.64%
Florida -23.98%
Georgia -39.44%
Hawaii -57.24%
Idaho -8.70%
Illinois -20.29%
Indiana -10.92%
Iowa -18.16%
Kansas -17.36%
Kentucky -19.03%
Louisiana -13.68%
Maine No Data
Maryland -26.80%
Massachusetts 21.97%
Michigan -26.69%
Minnesota -11.76%
Mississippi No Data
Missouri -17.22%
Montana -26.66%
Nebraska No Data
Nevada -47.70%
New Hampshire -23.54%
New Jersey -32.05%
New Mexico No Data
New York -30.09%
North Carolina -3.86%
North Dakota No Data
Ohio -13.75%
Oklahoma -8.95%
Oregon -24.98%
Pennsylvania -8.92%
Rhode Island -18.41%
South Carolina -8.47%
South Dakota -52.28%
Tennessee -5.44%
Texas -19.90%
Utah No Data
Vermont -30.31%
Virginia -20.00%
Washington -34.56%
West Virginia -52.79%
Wisconsin -44.94%
Wyoming No Data

Nationally, the absorption rate, or the rate at which available homes are sold in a given period, had a year-over-year decline of 22.40% by January 2019.1 This typically means fewer homes are being sold, which could lead to higher inventory and cheaper prices. Massachusetts was the only state to see a year-over-year increase in its absorption rate.

Hawaii, which has some of the most expensive house prices in the country, had the steepest drop from 41.68% in January 2018 to 17.82% in January 2019. West Virginia had the second-largest decline possibly due to seasonality and low demand. Regionally, the West showed the biggest decrease. Eight states there had an absorption rate drop of 20% or more. This slide may be due to affordability issues.

1Source data: CoreLogic®

Data date: 3/25/2019

 

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