A final look at the local housing markets in August

by Calculated risk on 9/22/2022 09:32:00 AM

Today, in the Calculated Real Estate Newsletter: A Final Look at Local Housing Markets in August

Brief excerpt:

The big story for existing home sales in August was the sharp drop in sales year on year. The other main story was that new listings fell year on year in August as the sellers’ strike continued. And the active lists were high. also, Average prices are dropping nationwide (more than normal seasonally).

This is the final look at the local markets in August. I track about 35 local housing markets in the United States. Some of the 35 markets are states, and some are urban areas. I update these tables throughout the month when additional data is released.

August sales schedule. In August, sales in these markets were down 18.7% year over year. NAR reported that sales were down 17.4% year over year from the NSA. August sales contracts were signed mostly in June and July, and we’re seeing the impact of higher mortgage rates at the August closing.

Looking Ahead: In September 2022 there were the same number of business days as in September 2021, so the decline in SA and NSA sales would be similar.

There is a lot in the article. You can subscribe at https://calculatedrisk.substack.com/

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