A second look at local housing markets in August

by Calculated risk on 9/14/2022 11:20:00 AM

Today, in our calculated real estate newsletter: A second look at local housing markets in August

Brief excerpt:

This is our second 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 will update these tables throughout the month when additional data is released.

The big story for existing home sales in August is the sharp drop in sales year on year. The other key story is that new listings fell year on year in August as the sellers’ strike continued. Of course, active listings have risen sharply compared to last year, but inventory growth has stalled. The increase in inventory so far has been attributed to weak demand, likely due to higher mortgage rates.

In August, sales in these markets fell by 20.2%.

Note that in August 2022, there was one more sale day than in August 2021, so The decline in August sales will be greater than that of the NSA.

The opposite was true in July (an extra sale day in July 2021 than in July 2022). So, Seasonally adjusted, this will likely be close to the same annual decline as in July.

Many local markets to come!

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