A second look at the local housing markets in October

by Calculated risk on 11/14/2022 12:23:00 PM

Today, in the calculated real estate newsletter: A second look at local housing markets in October

Brief excerpt:

This is our second look at the local markets in October. 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.

Closed sales in October were mostly related to contracts signed in August and September. Mortgage rates rose in September, and that affected October closed sales.

Another sharp increase in mortgage rates in October – with 30-year mortgages over 7% – will affect closed sales in November and December.

In October, sales fell 29.2%. In September, these same markets were down 24.1% year-on-year, not seasonally adjusted (NSA).

Note that in October 2022 there were the same number of selling days as in October 2021, so the SA decrease would be the same as the NSA’s decrease. This suggests Another step down in sales!

Many local markets to come!

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