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The Psychology Behind the Recovery

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Th e M Rep o RT | 55 O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t ANALYTICS around the u. s. Source: Zillow Difference % change hoMes for sale, DeceMber 2013 construction perMits issueD, DeceMber 2013 hoMes for sale, DeceMber 2012 Low housing inventory has been one of the biggest driving factors behind the home price improvements of the last year—and also one of the biggest sources of frustration for buyers. MReport took Zillow's data on for-sale homes at the end of 2012 and 2013 to see where the market was in the recent (and distant) past and put it up against the Census' housing permit data to gauge what the near future will look like, state by state. taking inventory Maine 12,298 15,123 2,825 23% 126 Idaho 15,545 18,501 2,956 19% 388 Utah 15,035 17,093 2,058 14% 647 District of Columbia 1,754 1,979 225 13% 8 Nebraska 7,673 8,514 841 11% 328 Maryland 32,860 35,085 2,225 7% 708 Minnesota 24,604 25,953 1,349 5% 572 Arkansas 22,780 23,718 938 4% 261 Pennsylvania 82,157 85,302 3,145 4% 1,134 West Virginia 9,911 10,199 288 3% 100 Georgia 76,286 78,066 1,780 2% 1,701 Virginia 54,738 55,648 910 2% 1,302 Arizona 50,597 51,062 465 1% 1,369 Mississippi 15,483 15,527 44 0% 260 Connecticut 28,969 28,561 -408 -1% 248 Delaware 8,628 8,385 -243 -3% 279 Nevada 23,664 22,983 -681 -3% 480 Louisiana 19,507 18,839 -668 -3% 820 Washington 47,387 45,763 -1,624 -3% 1,109 New Mexico 16,934 16,351 -583 -3% 250 South Carolina 51,317 49,408 -1,909 -4% 1,377 Ohio 70,955 68,191 -2,764 -4% 707 California 116,999 111,313 -5,686 -5% 3,270 Alabama 36,652 34,832 -1,820 -5% 504 North Carolina 102,978 96,606 -6,372 -6% 2,427 New Jersey 71,090 66,497 -4,593 -6% 828 Oklahoma 26,020 24,253 -1,767 -7% 661 Kentucky 30,618 28,512 -2,106 -7% 365 Tennessee 66,833 62,061 -4,772 -7% 1,005 Florida 234,211 217,126 -17,085 -7% 3,650 Wisconsin 47,921 44,321 -3,600 -8% 352 Indiana 45,844 42,327 -3,517 -8% 617 Rhode Island 7,006 6,461 -545 -8% 67 Michigan 83,832 76,989 -6,843 -8% 730 Missouri 53,177 48,808 -4,369 -8% 559 Illinois 86,482 79,276 -7,206 -8% 606 Oregon 26,700 24,413 -2,287 -9% 554 Vermont 9,099 8,307 -792 -9% 69 Iowa 20,353 18,484 -1,869 -9% 258 New Hampshire 13,650 12,351 -1,299 -10% 99 Hawaii 8,715 7,863 -852 -10% 198 Texas 149,980 134,205 -15,775 -11% 6,039 Kansas 16,270 14,506 -1,764 -11% 238 Wyoming 4,927 4,333 -594 -12% 87 New York 99,530 87,396 -12,134 -12% 544 Massachusetts 34,928 29,864 -5,064 -14% 502 North Dakota 1,910 1,632 -278 -15% 143 Alaska 4,805 4,098 -707 -15% 31 Colorado 44,869 38,242 -6,627 -15% 1,152 South Dakota 4,984 4,074 -910 -18% 83 Montana 10,390 8,330 -2,060 -20% 69

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